TaxTMI 
TaxTMI 
Annual Compliance Certificate for Insolvency Professional Agencies
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....te specifying the list of the compliances was issued by the Board vide Circular No: IPA/009/2018 dated 19th April, 2018. 4. Now in consequence of amendments in regulations and in suppression of the above Circular, the revised format of Annual Compliance Certificate for IPAs is being issued by the Board as per Annexure. All the registered IPAs have to submit the annual compliance certificate to the Board in the said format within 45 days of the end of the financial year. 5. This circular is issued in exercise of the powers conferred under clauses (aa), (g) and (t) of sub-section (1) of the Section 196 of the Insolvency and Bankruptcy Code, 2016 read with Regulation 7 of the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016. Yours faithfully, Sd/ (Manishkumar M. Chaudhari) Chief General Manager, IBBI (+91-11-23462869) -// Annexure//- (ON THE LETTER HEAD OF THE INSOLVENCY PROFESSIONAL AGENCY) ANNUAL COMPLIANCE CERTIFICATE FOR THE YEAR ______ We hereby certify that _______ (write the name of the Agency here), having registration no.__________ has complied with th....
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....e laid down prior to the current year? (iii) How many standards were laid down during the year? 3 204(c) (i) Did the Agency monitor performance of its members during the year? (ii) How many members' performance did the Agency monitor during year? (iii) What are the parameters used for monitoring the performance of its members? (iv) How many members did not provide material required for monitoring performance? (v) In case of how many members, did the Agency find performance unsatisfactory? (vi) What action was taken against the members whose performance was found unsatisfactory? 4 204(d) (i) Does the Agency have a policy to safeguard the rights, privileges and interest of the members? (ii) What are the specific interventions the Agency did to safeguard the rights, privileges and interest of the members? 5 204(e) (i) How many members did the Agency suspend during the year? (ii) How many memberships did the Agency cancel during the year? (iii) What was the most common violation of law for which a membership ....
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....on 31^st March, ? 14 3(1)(e) (i) Whether the Agency is under the control of any person resident outside India? (ii) List out the names of persons who are in control of the Agency as on 31^st March,__? 15 3(1)(f) (i) Whether more than forty-nine per cent of its share capital is held, directly or indirectly, by persons resident outside India? (ii) What is the share of resident Indians in shareholding of the Agency as on 31^st March,__? 16 3(1)(g) Whether the Agency is a subsidiary of a body corporate through more than one layer? 17 3(1)(h) (i) Whether the Agency is fit and proper person? (ii) Whether the promoters of the Agency are fit and proper persons? (iii) Whether the directors of the Agency are fit and proper persons? (iv) Whether the shareholders of the Agency are fit and proper persons? 18 5(1)(b) • Does the Agency have adequate infrastructure to perform its functions under the law? • Provide brief....
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....ther the Agency amended its bye-laws during the year? • Did it comply with the process for amendment provided in the regulations? 30 5(1) • Whether the Governing Board of the Agency had a minimum of seven directors throughout the year? • How many meetings of the Governing Board were held during the year? • How many members of the Governing Board attended all meetings during the year? • How many members did not attend fifty per cent of the meetings during the year? Please name them. 31 5(3) Whether any employee of the Agency has been appointed as a director on its Governing Board in addition to the managing director as a shareholder director? 32 5(4) Whether more than half of the directors are persons resident in India at the time of their appointment, and at all times during their tenure as directors? 33 5(4A) Whether shareholder directors satisfies the eligibility norms, including experience and qualifi....
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....ision of the Governing Board or the Committee with respect to that matter? 43 5(14) (i) Whether any director disclosed any order of any authority that affects his character or reputation, to the Agency, within one week of issue of such order? (ii) Whether order referred in Para (i) above was placed on the website of the Agency? 44 5A(1) Whether the Agency satisfy the criteria for appointment of a managing director as laid down in regulation 5A(1)? 45 5A(2) Whether the managing director was appointed for a tenure of not less than three years but not exceeding five years? 46 5A(3) Whether any managing director served more than two terms in the Agency? 47 5A(4) Whether the process of appointment for the second term of an individual as managing director conducted afresh? 48 5A(5) Whether the appointment and remuneration payable to the managing director was approved by the compensation comm....
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....¢ Whether the annual compliance certificate was also signed by the managing director of the Agency? 58 7(4) Whether the Governing Board has appointed or removed the compliance officer by means of a resolution passed in its meeting? Part D: Compliance with the Model Bye-Laws of an Insolvency Professional Agency 59 5(2) Did the Agency carry on any function or activity other than the functions of the agency under the Code, and functions incidental thereto? 60 6(1) Whether Agency has maintained high ethical and professional standards in the regulation of its professional members during the year? 61 6(2)(a) • Whether the Agency has ensured compliance with the Code and rules, regulations and guidelines issued thereunder governing the conduct of insolvency professional agencies during the year? • Whether the Agency has ensured compliance with the Code and rules, regulations and guidelines issued thereunder governing the conduct of insolvency professiona....
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.... the Advisory Committee were considered by the Governing Board of the Agency? • Which specific advice, if any, was rejected by the Governing Board? 69 8(1)(a) • How many Membership Committees did the Agency constitute during the year? • How many meetings the committee(s) had during the year? • Whether the Chairperson(s) of the committee(s) are independent directors of the Agency? 70 8(1)(b) • Whether the Agency has constituted the Monitoring Committee? • How many meetings the committee had during the year? • Whether the Chairperson of the committee is an independent director of the Agency? 71 8(1)(c) • How many Grievance Redressal Committee(s) did the Agency constitute during the year? • How many meetings the committee(s) had during the year? • Whether the Chairperson(s) of the committee(s) are independent directors of the Agency? • Did each of the committees have at least one pr....
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.... • Number of applications received for issue or renewal of authorisation for assignment. • Number of applications accepted. • Number of applications rejected. • Number of applications pending. • Number of deemed authorisation for assignment. 80 12A(7) How many appeals concerning authorisation for assignment did the Membership Committee receive during the year? 81 12A(8) (i) How many appeals concerning authorisation for assignment did the Membership Committee dispose of during the year? (ii) How many appeals concerning authorisation for assignment did the Membership Committee dispose of within fifteen days of receipt of the appeal? 82 14 • Whether the Agency has a Code of Conduct that is consistent with and provides for all matters in the Code of Conduct as specified in the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016? • How many members violated any provision of the Code of Conduct during the ....
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.... • How many of them have been disposed of? • How many disciplinary proceedings were initiated by the Agency based on directions of the Board or any court of law during the year? • How many of them have been disposed of? • How many disciplinary proceedings were initiated by the Agency suo moto during the year? • How many of them have been disposed of? 90 24(4) Whether all orders passed by the Disciplinary Committee have been placed on the website of the Agency within seven days from passing of the said order? 91 24(5) • How much monetary penalty was imposed by the Disciplinary Committee during the year? • How much of penalty imposed has been realised during the year? • What is the highest penalty imposed on a member? • Whether the Agency has credited the monetary penalty imposed by the Disciplinary Committee to the Fund constituted under section 222 of the Code? 92 25(1) • Whether the Governing Board of the ....