valid as on 10/12/2019

IBC Section 214-Obligations of information utility.
Effective from 01.04.2017

For the purposes of providing core services to any person, every information utility shall-—

(a) create and store financial information in a universally accessible format;

(b) accept electronic submissions of financial information from persons who are under obligations to submit financial information under sub-section (1) of section 215, in such form and manner as may be specified by regulations;

(c) accept, in specified form and manner, electronic submissions of financial information from persons who intend to submit such information;

(d) meet such minimum service quality standards

(e) get the information received from various persons authenticated by all concerned parties before storing such information;

(f) provide access to the financial information stored by it to any person who intends to access such information in such manner

(g) publish such statistical information as may be specified by regulations;

(h) have inter-operatability with other information utilities.

Refer regulation 28 to 35, 37 of Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017. To view the regulation,Click Here
Refer regulation 36 of Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017. To view the regulation,Click Here

2.10.28:Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.

28. General duties.

(1) An information utility shall provide services with due and reasonable care, skill and diligence.

(2) An information utility shall hold the information as a custodian.


2.10.29:Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.

29. Non-discrimination.

An information utility shall provide services without discrimination in any manner.

Explanation: An information utility shall not deny its services to any person on the basis of-

(a) place of residence or business; or

(b) type of personality, whether natural or artificial.


2.10.30:Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.

30. Other duties.

(1) An information utility shall-

(a) provide services to a user based on its explicit consent;

(b) guarantee protection of the rights of users;

(c) establish adequate procedures and facilities to ensure that its records are protected against loss or destruction;

(d) adopt secure systems for information flows;

(e) protect its data processing systems against unauthorised access, alteration, destruction, disclosure or dissemination of information; and

(f) transfer all the information submitted by a user, and stored with it to another information utility on the request of the user.

(2) An information utility shall not-

(a) outsource the provision of core services to a third-party service provider;

(b) use the information stored with it for any purpose other than providing services under these Regulations, without the prior approval of the Board;

(c) seek data or details of users except as required for the provision of the services under these Regulations.


2.10.31:Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.

31. Insurance.

An information utility shall make adequate arrangements, including insurance, for indemnifying the users for losses that may be caused to them by any wrongful act, negligence or default of the information utility, its employees or any other person whose services are used for the provision of services under these Regulations.


2.10.32:Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.

32. Fee.

(1) The information utility shall-

(a) charge uniform fee for providing the same service to different users;

(b) disclose the fee structure for provision of services on its website; and

(c) disclose any proposed increase in the fees for the provision of services on its website at least three months before the increase in fees is effected.

(2) The fee charged for –

(a) providing services shall be a reasonable reflection of the service provided; and

(b) providing access to information shall not exceed the fee charged for submission of information to the information utility.


2.10.33:Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.

33. Risk management.

An information utility shall establish an appropriate risk management framework in accordance with the Technical Standards, if any, which provides for matters, including-

(a) reliable, recoverable and secure systems;

(b) provision of core services during disasters and emergencies; and

(c) business continuity plans which shall include disaster recovery sites.


2.10.34:Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.

34. Audit of information technology framework.

(1) An information utility shall appoint an external auditor having relevant qualifications to audit its information technology framework, interface and data processing systems every year.

(2) The auditor appointed under sub-regulation (1) shall submit a report to the Governing Board.

(3) The information utility shall submit the report received under sub-regulation (2), along with the comments of the Governing Board, if any, to the Board within one month from the receipt of the report from the external auditor.


2.10.35:Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.

35. Preservation Policy.

(1) An information utility shall have a Preservation Policy providing for the form, manner and duration of preservation of –

(a) information stored with it; and

(b) details of the transactions of the information utility with each user in respect of the information stored with it.

(2) The Preservation Policy shall be consistent with the Technical Standards, if any.


2.10.36:Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.

36. Provision of information to the Board.

(1) An information utility shall provide such information as may be required by the Board.

(2) Without prejudice to the provisions of sub-regulation (1), an information utility shall provide a report to the Board annually, in the manner directed by the Board, stating the-

(a) number and types of records collected;

(b) number and types of users registered;

(c) number and types of unique debts recorded;

(d) number and types of security interests recorded;

(e) volume of debts recorded;

(f) volume of secured debts recorded;

(g) number of instances and types of defaults recorded;

(h) number and types of disputes recorded;

(i) number of times information was accessed by the Adjudicating Authority and Board; and

(j) any other information as may be directed by the Board.


2.10.37:Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.

37. Inspection.

(1) Without prejudice to the provisions of sections 217-220, the Board shall inspect an information utility with such periodicity as may be considered necessary.

(2) An information utility shall extend all assistance and co-operation to the Board to carry out an inspection under sub-regulation (1).


IBC-Enforcement Notification [S.O.1005(E)] dated 30/03/2017


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