Regulation 3. Eligibility for registration
No person shall be eligible to be registered as an information utility unless it is a public company and -
(a)its sole object is to provide core services and other services under these Regulations, and discharge such functions as may be necessary for providing these services;
(b)its shareholding and governance is in accordance with Chapter III;
(c)its bye-laws are in accordance with Chapter IV;
(d)it has a minimum net worth of fifty crore rupees; 9[
(e)***] 7 Clause (p) omitted by Notification No IBBI/2026-27/GN/REG146, dated 01st June, 2026 (w.e.f. 02-06-2026). Clause (p), prior to omission, stood as “
(p)“Schedule” means schedule attached to these Regulations;” 9 Clause (e) omitted by Notification No. IBBI/2017-18/ GN/REG016 dated 29th September, 2017 (w.e.f. 29-09-2017). Clause (e), prior to omission, stood as “(e ) it is not under control of person(s) resident outside India;”. 10[
(g)the person itself, its promoters, its directors, its key managerial personnel, and persons holding more than 5%, directly or indirectly, of its paid-up equity share capital or its total voting power, are fit and proper persons: Explanation: For determining whether a person is fit and proper under these Regulations, the Board may take account of relevant considerations, including-
(i)integrity, reputation and character,
(ii)absence of conviction by a court for an offence: Provided that a person may be considered ‘fit and proper’ if he has been sentenced to imprisonment for a period of less than six months; Provided that a person shall not be considered ‘fit and proper’ if he has been sentenced to imprisonment for a period
(a)of not less than six months, but less than seven years and a period of five years has not elapsed from the date of expiry of the sentence, or
(b)of seven years or more.
(iii)absence of restraint order, in force, issued by a financial sector regulator or the Adjudicating Authority, and
