The Insolvency and Bankruptcy Code, 2016
Part-IV Regulation of Insolvency Professionals, Agencies and Information Utilities
Chapter-III Insolvency Professional Agencies
Section 204: Functions of insolvency professional agencies.
*204. 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.
*Effective from 15.11.2016.