Empanelment of Insolvency Professionals (IPs) to be appointed as Administrator, remuneration and other incidental and connected matters under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refundi
Summary
This circular establishes the empanelment criteria and appointment procedures for Insolvency Professionals to serve as Administrators under SEBI's 2018 Regulations. It defines the remuneration structure, including specific fee tables for realization, distribution, and ancillary services like audits and valuations. The document also mandates the selection process for supporting entities such as chartered accountants and registrars through empanelment or open tender.
Text
The Administrator shall be a person registered with the IBBI as an IP and empanelled with the Board from time to time.
The Board is empowered... to fix the eligibility criteria, the terms of appointment including remuneration of an Administrator and issue clarifications and guidelines.
The Administrator would be selected from a Panel of IPs prepared by IBBI under the Administrator Regulations.
An Administrator... shall not withdraw his consent to act as an Administrator or refuse to act... or surrender his registration... during the pendency of the assignment.
The remuneration payable to the Administrator shall be in accordance with sub-regulation (3) and (4) of regulation 4 of the Liquidation Process Regulations with suitable modifications as given in Table 1 and 2.
Fees for distribution as given in Table 2... shall not apply in cases of recovery of fees, penalties and disgorgement.
The fees payable to the entities such as chartered accountant... registered valuer... registrar and share transfer agent... appointed by the Administrator... would be payable to the Administrator and the same would be part of the overall remuneration.
The overall remuneration paid to the Administrator shall be treated as the costs of administration under regulation 11 of the Administrator Regulations.
In appropriate cases, the Board may, after recording reasons in writing, pay higher remuneration than the remuneration fixed under the Schedule.
The Administrator shall appoint chartered accountant from the list of empanelled chartered accountants with SEBI.
As regards registered valuer and registrar and share transfer agent or such other agency, they shall be appointed through open tender.
The tender for registered valuer shall be published in atleast two newspapers, one in a English daily newspaper having nationwide circulation and another in a newspaper having wide circulation... in the language of the region.
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Source: SecMarx — Empanelment of Insolvency Professionals (IPs) to be appointed as Administrator, remuneration and other incidental and connected matters under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refundi. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.