2.10.6:Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.
6. Conditions of registration.
(1) The certificate of registration shall be valid for a period of five years from the date of issue.
(2) The certificate of registration shall be subject to the conditions that the information utility shall–
(a) abide by the Code;
(b) abide by its bye-laws;
(c) at all times after the grant of the certificate continue to satisfy the requirements under Regulation 5(4);
(d) pay a fee of fifty lakh rupees to the Board, within fifteen days of receipt of intimation of registration or renewal from the Board, as applicable;
(e) pay an annual fee of fifty lakh rupees to the Board, within fifteen days from the end of every year from the date of grant or renewal of the certificate of registration, as applicable;
(f) seek prior approval of the Board for-
(i) the acquisition of shares or voting power by a person, which taken together with paid-up equity shares or voting power, if any, held by such person, entitles him to hold more than five per cent, directly or indirectly, of the paid-up equity share capital or total voting power;
(ii) a change of control;
(iii) a merger, amalgamation or restructuring;
(iv) sale, disposal, or acquisition of the whole, or substantially the whole, of its undertaking;
(v) voluntary liquidation, dissolution, or any similar action involving the discontinuation of its business.
(g) intimate the Board if a person holding more than five per cent, directly or indirectly, of its paid-up equity share capital or total voting power ceases to hold at least five per cent, directly or indirectly, of its paid-up equity share capital or total voting power, within fifteen days from such cessation;
(h) take adequate steps for redressal of grievances;
(i) take over information stored with other information utilities on the directions of and in the manner directed by the Board, and provide core services to their users; and
(j) abide by such other conditions as may be stipulated by the Board.