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The Tax Publishers Notification Date: 22-01-2020 Amendment to the Guidelines for Technical Standards for the Performance of Core Services and Other Services under the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 In exercise of the powers conferred by section 196 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following amendments to the Guidelines for Technical Standards for the Performance of core services and other services under the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017, namely :-- 1. These amendments shall be called the Guidelines for Technical Standards for the Performance of Core Services and Other Services (Amendment), 2019 under the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017. 2. In the Guidelines for Technical Standards for the Performance of Core Services and Other Services under the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 (hereinafter referred to as the principal guidelines), in clause 1.2,-- (i) for the abbreviation, IRP, the following abbreviation shall be substituted, namely :-- IP Insolvency Professional; (ii) after the abbreviation IU, the following abbreviation shall be inserted, namely :-- ID Identity Details. 3. In the principal guidelines, after clause 1.2, the following clause shall be inserted, namely :-- '1.3 Definitions Identity Details means Officially Valid Documents (OVDs) such as the passport, driving license, Permanent Account Number (PAN) Card, Voters Identity Card issued by Election Commission of India, and Aadhaar letter/card or the e-Aadhaar (an electronically generated letter from the website of UIDAI), as the case may be.. 4. In the principal guidelines, in clause 2.1, for the heading TECHNICAL STANDARDS 13(2) (c) and 13(2) (f), the following shall be substituted, namely :-- Technical Standards on Regulation 13(2) (c) and 13(2) (f). 5. In the principal guidelines, in clause 2.1, under the heading Technical Standards on Regulation 13(2) (c) and 13(2) (f), -- I. for sub-clause 2, the following sub-clause shall be substituted, namely :-- 2. (a) Individual persons resident in India, shall provide their ID in accordance with clause 1.3 while seeking registration; (b) For individual persons resident outside India, IU shall provide alternative mechanism to accept other supporting documents for verifying their identity; 2 (c) The IUs shall conduct a de-duplication to check whether the same ID has already been used previously in the same IU or any other IU in the following manner: (i) in case a match is found, i.e., where the person has earlier verified his/her credentials, the IU shall perform an identity verification from its existing records. (ii) in case no match is found, the IU shall verify the identity against the ID furnished and also capture other related particulars, including date of birth, address, mobile number, email address and use the same for internally generating a registration record automatically.; II. in sub-clause 3(a), for item (ix), the following shall be substituted, namely :-- (ix) IDs for the representative.; III. in sub-clause 3(b), for item (iii), the following shall be substituted, namely :-- (iii) for the legal entitys authorised representative, any ID furnished by such representative shall be used for verification of his identity.; IV. in sub-clause 3(c), in item (ii), for the words Aadhaar ID, the word ID shall be substituted; V. for sub-clause 4, the following sub-clause shall be substituted, namely :-- 4. Before the completion of registration, the person being registered must accept the terms of usage as specified by the IU. IU should maintain records of users agreeing to the terms of usage, by sending a confirming email or message; VI. for sub-clause 5, the following sub-clause shall be substituted, namely :-- 5. (i) Registration process shall be completed with PAN (legal entity) or ID (individual) being treated as the Unique Identification Number (UIN) by the IU. (ii) An ID once used in the registration process, will be taken on record and the same shall be used for all future access to IU services. In case of a person resident outside India, a UIN shall be issued by the IU.. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

Notification

Date: 22-01-2020

Amendment to the Guidelines for Technical Standards for the Performance of Core Services and Other Services under the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017

In exercise of the powers conferred by section 196 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following amendments to the Guidelines for Technical Standards for the Performance of core services and other services under the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017, namely :--

1. These amendments shall be called the Guidelines for Technical Standards for the Performance of Core Services and Other Services (Amendment), 2019 under the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.

2. In the Guidelines for Technical Standards for the Performance of Core Services and Other Services under the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 (hereinafter referred to as the principal guidelines), in clause 1.2,--

(i) for the abbreviation, IRP, the following abbreviation shall be substituted, namely :--

IP Insolvency Professional;

(ii) after the abbreviation IU, the following abbreviation shall be inserted, namely :--

ID Identity Details.

3. In the principal guidelines, after clause 1.2, the following clause shall be inserted, namely :--

'1.3 Definitions

Identity Details means Officially Valid Documents (OVDs) such as the passport, driving license, Permanent Account Number (PAN) Card, Voters Identity Card issued by Election Commission of India, and Aadhaar letter/card or the e-Aadhaar (an electronically generated letter from the website of UIDAI), as the case may be..

4. In the principal guidelines, in clause 2.1, for the heading TECHNICAL STANDARDS 13(2) (c) and 13(2) (f), the following shall be substituted, namely :--

Technical Standards on Regulation 13(2) (c) and 13(2) (f).

5. In the principal guidelines, in clause 2.1, under the heading Technical Standards on Regulation 13(2) (c) and 13(2) (f), --

I. for sub-clause 2, the following sub-clause shall be substituted, namely :--

2. (a) Individual persons resident in India, shall provide their ID in accordance with clause 1.3 while seeking registration;

(b) For individual persons resident outside India, IU shall provide alternative mechanism to accept other supporting documents for verifying their identity; 2

(c) The IUs shall conduct a de-duplication to check whether the same ID has already been used previously in the same IU or any other IU in the following manner:

(i) in case a match is found, i.e., where the person has earlier verified his/her credentials, the IU shall perform an identity verification from its existing records.

(ii) in case no match is found, the IU shall verify the identity against the ID furnished and also capture other related particulars, including date of birth, address, mobile number, email address and use the same for internally generating a registration record automatically.;

II. in sub-clause 3(a), for item (ix), the following shall be substituted, namely :--

(ix) IDs for the representative.;

III. in sub-clause 3(b), for item (iii), the following shall be substituted, namely :--

(iii) for the legal entitys authorised representative, any ID furnished by such representative shall be used for verification of his identity.;

IV. in sub-clause 3(c), in item (ii), for the words Aadhaar ID, the word ID shall be substituted;

V. for sub-clause 4, the following sub-clause shall be substituted, namely :--

4. Before the completion of registration, the person being registered must accept the terms of usage as specified by the IU. IU should maintain records of users agreeing to the terms of usage, by sending a confirming email or message;

VI. for sub-clause 5, the following sub-clause shall be substituted, namely :--

5. (i) Registration process shall be completed with PAN (legal entity) or ID (individual) being treated as the Unique Identification Number (UIN) by the IU.

(ii) An ID once used in the registration process, will be taken on record and the same shall be used for all future access to IU services. In case of a person resident outside India, a UIN shall be issued by the IU..