Regulation 8

(1) If, after considering an application made under Regulation 6, the Board is of the prima facie opinion that the registration ought not be granted, it shall communicate the reasons for forming such an opinion and give the applicant an opportunity to explain why 32 [its] application should be accepted, within fifteen days of the receipt of the communication from the Board, to enable it to form a final opinion. (2) The communication under sub-regulation (1) shall be made to the applicant within 33 [thirty days] of receipt of the application, excluding the time given by the Board for presenting additional documents, information or clarifications, or appearing in person, as the case may be. (3) After considering the explanation, if any, given by the applicant under sub-regulation (1), the Board shall communicate its decision to- (a) accept the application, along with the certificate of registration, or (b) reject the application by an order, giving reasons thereof, within thirty days of receipt of the explanation. 9. 34 [***] 32 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: “his” 33 Substituted by Notification No. IBBI/2023-24/GN/REG104, dated 18th September, 2023 (w.e.f. 18.09.2023). The words before substitution, stood as “forty five days”. 34 Omitted by Notification No. IBBI/2021-22/GN/REG077, dated 22nd July, 2021 (w.e.f. 22.07.2021). Prior to omission, Regulation 9 stood as under: - “9. Registration for a limited period. (1) Notwithstanding any of the provisions of Regulation 5, an individual shall be eligible to be registered for a limited period as an insolvency professional if he- a. has been ‘in practice’ for fifteen years 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; and b. submits an application for registration in Form A of the Second Schedule to these Regulations to the insolvency professional agency with which he is enrolled on or before 31st December, 2016 along with a non-refundable application fee of five thousand rupees which shall be collected by such insolvency professional agency on behalf of the Board. (2) The insolvency professional agency shall submit to the Board the fee collected and the details of the applications received under sub-regulation (1)(b).

35 [CHAPTER IV ISSUE AND SURRENDER OF AUTHORISATION FOR ASSIGNMENT AND DISCIPLINARY PROCEEDINGS] 10. 36 [(1) An insolvency professional agency shall inform the Board when it- (a) issues or renews an authorisation for assignment; (b) suspends or cancels an authorisation for assignment; (c) revokes the suspension of an authorisation for assignment; 37 [***] (d) accepts the surrender of an authorisation for assignment, 38 [(e) accepts the application for surrender of membership and strikes the name of the professional member from its registers; (f) expels the professional member; or (g) receives intimation of demise of an individual or winding up or dissolution of a company, limited liability partnership or registered partnership firm and strikes the name of the professional member from its registers.] within one working day of taking such action.] (2) The Board shall take note of the information received under sub-regulation (1) 39 [and for cases referred to in clauses (e), (f) and (g) thereof, it may, if deems expedient to do so, proceed in accordance with regulation 10B]. 40