Regulation 5 - Qualifications and experience. - Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016

1 [Qualifications and experience.- 5. Subject to the other provisions of these regulations, an individual shall be eligible for registration, if he - (a) has passed the Limited Insolvency Examination within twelve months before the date of his application for enrolment with the insolvency professional agency; (b) has completed a pre-registration educational course 5 [ within twelve months from the date of payment of non-refundable application fee under regulation 6 ] , as may be required by the Board, from an insolvency professional agency after his enrolment as a professional member; and (c) has- (i) successfully completed the National Insolvency Programme, as may be approved by the Board; (ii) successfully completed the 4 [ Post ] Graduate Insolvency Programme, as may approved by the Board; 2 [ (iii) experience of - (a) ten years in the field of law, after receiving a Bachelor s degree in law; (b) ten years in management, after receiving a Master s degree in Management or two-year full time Post Graduate Diploma in Management; or (c) fifteen years in management, after receiving a Bachelor s degree, from a university established or recognised by law or an Institute approved by All India Council of Technical Education; or ] (iv) ten years of experience as (a) chartered accountant registered as a member of the Institute of Chartered Accountants of India, (b) company secretary registered as a member of the Institute of Company Secretaries of India, (c) cost accountant registered as a member of the Institute of Cost Accountants of India, or (d) advocate enrolled with the Bar Council.] 3 [ Explanation 1.- For the purposes of this regulation, only professional and managerial experience shall be considered. Explanation 2.- For the purpose of computing,- (a) the total experience of 10 or 15 years under sub-clause (iii), there shall be included experience of any period under sub-clause (iv); (b) the total experience of 10 years under sub-clause (iv), there shall be included experience of any period under any of the items of that sub-clause. Illustration 1 Where an individual has experience of nine years under sub-clause (iii) and experience of six years under sub-clause (iv), he shall be considered having experience of fifteen years for the purposes of sub-clause (iii). Illustration 2 Where an individual has experience of 6 years under item (a) of sub-clause (iv) and experience of four years under item (d) of sub-clause (iv), he shall be considered as having total experience of 10 years for the purposes of sub-clause (iv). ] ******************** Notes:- 1. Substituted vide Notification IBBI/2017-18/GN/REG027 Dated 27-03-2018 , before it was read as, Qualifications and experience. 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. 2. Substituted vide Notification No. IBBI/2021-22/GN/REG077 dated 22-07-2021 before it was read as (iii) fifteen years of experience in management, after receiving a Bachelor s degree from a university established or recognised by law; or 3. Inserted vide Notification No. IBBI/2021-22/GN/REG077 dated 22-07-2021 4. Inserted vide Notification No. IBBI/2023-24/GN/REG103 dated 20-07-2023 5. Inserted vide Notification No. IBBI/2023-24/GN/REG104 dated 18-09-2023