Regulation 4

(1) No individual shall be eligible to be registered as an insolvency professional if he- (a) is a minor; 3 Substituted by Notification No. IBBI/2022-23/GN/REG099, dated 28th September, 2022 (w.e.f. 28.09.2022). The words before substitution, stood as under: “an individual”. 4 Substituted by Notification No. IBBI/2017-18/GN/REG027, dated 27th March, 2018 (w.e.f. 01.04.2018). Sub Regulation (3), before substitution, stood as under: “(3) The syllabus, format and frequency of the ‘Limited Insolvency Examination’, including qualifying marks, shall be published on the website of the Board at least one month before the examination.”

(b) is not a person resident in India; (c) does not have the qualification and experience specified in Regulation 5 or Regulation 9, as the case may be; (d) has been convicted by any competent court for an offence punishable with imprisonment for a term exceeding six months or for an offence involving moral turpitude, and a period of five years has not elapsed from the date of expiry of the sentence: Provided that if a person has been convicted of any offence and sentenced in respect thereof to imprisonment for a period of seven years or more, he shall not be eligible to be registered; (e) he is an undischarged insolvent, or has applied to be adjudicated as an insolvent; (f) he has been declared to be of unsound mind; or (g) he is not a fit and proper person; Explanation: For determining whether an individual is fit and proper under these Regulations, the Board may take account of any consideration as it deems fit, including but not limited to the following criteria- (i) integrity, reputation and character, (ii) absence of convictions and restraint orders, and (iii) competence, including financial solvency and net worth. 5 [(2) No insolvency professional entity, recognised by the Board under regulation 13, shall be eligible to be registered as an insolvency professional, if the entity and/or any of its partner or director, as the case may be, is not fit and proper person under clause (g) of sub-regulation (1).] 6 [Qualifications and experience. 5 Inserted by Notification No. IBBI/2022-23/GN/REG099, dated 28th September, 2022 (w.e.f. 28.09.2022). 6 Substituted by Notification No. IBBI/2017-18/GN/REG027, dated 27th March, 2018 (w.e.f. 01.04.2018). Regulation 5, before substitution, stood as under: “5. Subject to the other provisions of these Regulations, an individual shall be eligible for registration, if he- (a) has passed the National Insolvency Examination; (b) has passed the Limited Insolvency Examination, and has fifteen years of experience in management, after he received a Bachelor’s degree from a university established or recognized by law; or (c) has passed the Limited Insolvency Examination and has ten years of experience as - (i) a chartered accountant enrolled as a member of the Institute of Chartered Accountants of India, (ii) a company secretary enrolled as a member of the Institute of Company Secretaries of India, (iii) a cost accountant enrolled as a member of the Institute of Cost Accountants of India, or (iv) an advocate enrolled with a Bar Council.”.