Executive Summary:
This document contains the Insolvency and Bankruptcy Board of India Information Utilities Amendment Regulations, 2017. It amends the 2017 regulations regarding information utilities. Key changes concern the omission of certain sub-regulations, revisions to shareholding limits, and nationality requirements for directors. The regulations come into force on the date of their publication.
Key Points / Main Content:
Amendments to Information Utility Regulations:
* These regulations are called the Insolvency and Bankruptcy Board of India Information Utilities Amendment Regulations, 2017.
* These regulations come into force on the date of their publication in the Official Gazette (September 29, 2017).
* In regulation 3 of the principal regulations (Insolvency and Bankruptcy Board of India Information Utilities Regulations, 2017), sub-regulations (e) and (f) are omitted.
Revised Shareholding Limits:
* In regulation 8, sub-regulation 2 is substituted.
* A person may hold up to 51% of the paid-up equity share capital/voting power of an information utility for up to three years from registration.
* An Indian company listed on a recognized Stock Exchange in India, or where no individual holds more than 10% of the paid-up equity share capital, may hold up to 100% of the paid-up equity share capital/total voting power of an information utility for up to three years from registration.
* The information utility must be registered before September 30, 2018, for the above shareholding limits to apply.
Director Nationality Requirements:
* In regulation 9, after sub-regulation 1, sub-regulation 1A is inserted.
* More than half of the directors of an information utility must be Indian nationals and residents in India.
Impact Analysis:
Information Utilities:
* Impact: Information utilities must comply with the new shareholding limits and director nationality requirements.
* Action Required: Ensure compliance with revised regulations, particularly regarding shareholding and board composition, before September 30, 2018.
Shareholders/Investors:
* Impact: Investors are subject to revised shareholding limits for information utilities.
* Action Required: Review current holdings and adjust investment strategies to comply with the new regulations.
Directors of Information Utilities:
* Impact: Directors must ensure that more than half of the board are Indian nationals and residents.
* Action Required: Review board composition and ensure compliance with the nationality and residency requirements.
Key Entities Referenced
Insolvency and Bankruptcy Board of India: A regulatory body in India established under the Insolvency and Bankruptcy Code, 2016.
Insolvency and Bankruptcy Code, 2016: A law in India that consolidates and amends the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals.
Insolvency and Bankruptcy Board of India Information Utilities Regulations, 2017: Regulations issued by the Insolvency and Bankruptcy Board of India concerning information utilities.
Insolvency and Bankruptcy Board of India Information Utilities Amendment Regulations, 2017: An amendment to the Insolvency and Bankruptcy Board of India Information Utilities Regulations, 2017.
Information Utility: An entity that stores financial information to help prevent loan defaults and assist in insolvency resolution.
M. S. Sahoo: Chairperson of the Insolvency and Bankruptcy Board of India.
New Delhi: The location where the notification was issued.
India: Country to which Gazette and Regulations pertain
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INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 29th September, 2017
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INFORMATION UTILITIES) (AMENDMENT)
REGULATIONS, 2017
No. IBBI/2017-18/GN/REG016.—In exercise of the powers conferred by sub-section (1) of section 196 read
with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of
India hereby makes the following regulations to amend the Insolvency and Bankruptcy Board of India (Information
Utilities) Regulations, 2017, namely: —
1. These regulations may be called the Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment)
Regulations, 2017.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 (hereafter referred to as the
principal regulations), in regulation 3, sub-regulations (e) and (f) shall be omitted.
4. In the principal regulations, in regulation 8, for sub-regulation (2), the following sub-regulation shall be substituted,
namely:—
“(2) Notwithstanding anything to the contrary contained in sub-regulation (1)—
(a) a person may, directly or indirectly, either by itself or together with persons acting in concert, hold up to
fifty-one percent of the paid-up equity share capital or total voting power of an information utility up to three
years from the date of its registration; or
(b) an Indian company, (i) which is listed on a recognised Stock Exchange in India, or (ii) where no individual,
directly or indirectly, either by himself or together with persons acting in concert, holds more than ten
percent of the paid-up equity share capital, may hold up to hundred percent of the paid-up equity share
capital or total voting power of an information utility up to three years from the date of its registration.
Provided that the information utility is registered before 30th September, 2018.”¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3
5. In the principal regulations, in regulation 9, after sub-regulation (1), the following sub-regulation shall be inserted,
namely:—
“(1A) More than half of the directors of an information utility shall be Indian nationals and residents in India.”
Dr. M. S. SAHOO, Chairperson
[ADVT.–III/4/Exty./248/17]
Note : The Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 were published in the
Gazette of India Extraordinary vide notification No. IBBI/2016-17/GN/REG009 on 31st March, 2017.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.