Section 203 in The Insolvency and Bankruptcy Code, 2016

Title: Governing Board of insolvency professional agency.

Description: The Board may, for the purposes of ensuring that every insolvency professional agency takes into account the objectives sought to be achieved under this Code, make regulations to specify— (a) the setting up of a governing board of an insolvency professional agency; (b) the minimum number of independent members to be on the governing board of the insolvency professional agency; and (c) the number of the insolvency professionals being its members who shall be on the governing board of the insolvency professional agency.

Title: Functions of insolvency professional agencies.

Description: An insolvency professional agency shall perform the following functions, namely:— (a) grant membership to persons who fulfil all requirements set out in its byelaws on payment of membership fee; (b) lay down standards of professional conduct for its members; (c) monitor the performance of its members; (d) safeguard the rights, privileges and interests of insolvency professionals who are its members; (e) suspend or cancel the membership of insolvency professionals who are its members on the grounds set out in its bye-laws; (f) redress the grievances of consumers against insolvency professionals who are its members; and (g) publish information about its functions, list of its members, performance of its members and such other information as may be specified by regulations

Title: Insolvency professional agencies to make bye-laws.

Description: Subject to the provisions of this Code and any rules or regulations made thereunder and after obtaining the approval of the Board, every insolvency professional agency shall make bye-laws consistent with the model bye-laws specified by the Board under sub-section (2) of section 196.

Title: Enrolled and registered persons to act as insolvency professionals.

Description: No person shall render his services as insolvency professional under this Code without being enrolled as a member of an insolvency professional agency and registered with the Board.

Title: Registration of insolvency professionals.

Description: (1) Every insolvency professional shall, after obtaining the membership of any insolvency professional agency, register himself with the Board within such time, in such manner and on payment of such fee, as may be specified by regulations. (2) The Board may specify the categories of professionals or persons possessing such qualifications and experience in the field of finance, law, management, insolvency or such other field, as it deems fit.