The ICSI Insolvency Professionals Agency (IPA), a recently formed IPA, has started enrolling insolvency professionals, Mamta Binani, President, Institute of Company Secretaries of India (ICSI), has said.

“We (ICSI IPA) have already recommended and registered three company secretaries and four advocates as insolvency professionals. This has happened in last 48 hours since we obtained our registration certificate”, Binani said.

Only few days ago, Finance Minister Arun Jaitley had handed over the registration certificate for ICSI IPA to act as an Insolvency Professional Agency (IPA).

As a frontline regulator for insolvency professionals, ICSI IPA is now enrolling professional members, laying down standards of professional conduct for them and monitors their performance. It will also redress the grievances of consumers against its members.

Binani said that the Company Secretaries Institute (ICSI) sees tremendous professional opportunities for its members to act as insolvency professionals. As of now, members with over 15 years experience could directly opt to become an insolvency professional and start practising. They would have to write an exam after a period of six months to further continue as an insolvency professional.

To begin with, ICSI has pumped in Rs 14 crore into ICSI-IPA, Binani said, adding that going forward the IPA would also look to introduce training modules for those interested in a career as an insolvency professional.

For ICSI IPA, three nominees have come from ICSI and four independent directors have also been appointed. The four independent directors are Nalin Kohli, one of the spokesperson of BJP and Supreme Court advocate, Sushma Berlia, former President of PHDCCI, Siddarth Birla, former FICCI President and Ashish Chauhan, Managing Director & CEO of Bombay Stock Exchange (BSE).

srivats.kr@thehindu.co.in

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