Regulation 2

(1) In these regulations, unless the context otherwise requires – (a) “associated person” means a proprietor, partner, director, officer, or an employee of a service provider, a professional or a valuer engaged by a service provider or any other person acting for or on behalf of a service provider under inspection or investigation; (b) “Code” means the Insolvency and Bankruptcy Code, 2016 (31 of 2016); (c) “Disciplinary Committee” means a committee 2 [consisting of one or more persons as provided ] under sub-section (1) of section 220 of the Code: Provided that the 3 [person(s)] in the Disciplinary Committee shall not be associated with the investigation or inspection; 1 Vide Notification No. IBBI/2017-18/GN/REG011, dated 12th June, 2017, published in the Gazette of India, Extraordinary, Part III, Sec.4, vide No.239, dated 14th June, 2017 (w.e.f. 14.06.2017). 2 Substituted by Notification No. IBBI/2026-27/GN/REG145, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under: “of whole time member(s) constituted by the Board”. 3 Substituted by Notification No. IBBI/2026-27/GN/REG145, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under: “whole time member(s)”.

4 [Explanation: It is hereby clarified that “associated” shall mean involvement in the conduct of investigation or inspection or consideration of the investigation or inspection report or issuance of show cause notice;] (d) “electronic form” shall have the same meaning as assigned to it in clause (r) of section 2 of the Information Technology Act, 2000 (21 of 2000); (e) “Investigating Authority” means an officer or a team of officers of the Board, which has been directed by the Board, to conduct the investigation of a service provider; (f) “Inspecting Authority” means an officer or a team of officers of the Board, which has been directed by the Board, to conduct the inspection of a service provider; (g) “noticee” means a service provider or an associated person who is alleged to have contravened any provision of the Code, or the rules, regulations or guidelines made thereunder; (h) “record” means the books of accounts, registers, documents, call records and other records, whether maintained in electronic form or otherwise, of a service provider and its associated person; (i) “section” means section of the Code; 5 [*] (j) “service provider” 6 [shall have the same meaning as assigned in clause (31A) of section 3 of the Code] 7 [; and] 8 [(k) “stakeholder” means a stakeholder as defined in clause (j) of sub-regulation (1) of regulation 2 of the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017.] (2) The words and expressions used and not defined in these regulations, but defined in the Code, shall have the same meaning assigned to them in the Code.