Another Professional Opportunity for Insolvency Professionals - Can be appointed as an Administrator under
SEBI Regulations.
Securities & Exchange Board of India (SEBI) has recently notified Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018. Eligibility norms for appointment as an Administrator.
(Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018)
The Administrator shall be a person registered with the Insolvency and Bankruptcy Board of India as an Insolvency Resolution Professionaland empanelled by the Board from time to time.
In terms of the SEBI regulations, an Insolvency Professional registered with IBBI can now be appointed as an Administrator. This has opened another professional opportunity for registered IPs.
Eligibility Criteria to Register as an Insolvency Professional Under IBBI:
Chartered Accountant, Company Secretary, Cost Accountant and Advocate who has enrolled as a member of respective Institute/Bar Council and has ten years of experience [Regulation 5(c)(iv) of the IBBI (Insolvency Professionals) Regulations, 2016], or
A Graduate who has fifteen years of experience in management, after receiving a Bachelor’s degree from a university established or recognized by law [Regulation 5(c)(iii) of the IBBI (Insolvency Professionals) Regulations, 2016], or
Successfully completed the National Insolvency Programme, as may be approved by the IBBI [Regulation 5(c)(i) of the IBBI (Insolvency Professionals) Regulations, 2016], or
Successfully completed the Graduate Insolvency Programme, as may approved by the IBBI [Regulation 5(c)(ii) of the IBBI (Insolvency Professionals) Regulations, 2016].
And
has passed the Limited Insolvency Examination within twelve months before the date of his application for enrolment with the insolvency professional agency [Regulation 5(a) of the IBBI (Insolvency Professionals) Regulations, 2016], and
has completed a pre-registration educational course, as may be prescribed by the IBBI, from an IPA after his enrolment as professional member. [Regulation 5(b) of the IBBI (Insolvency Professionals) Regulations, 2016]
Last date to pass the limited insolvency examination under Old Syllabus is 31st October 2018