Insolvency Professional Agencies (IPAs) play a crucial role in regulating and educating Insolvency Professionals'. Elucidate the functions of the IPAs as enshrined in the Code.

As per Section 3(20) of the Insolvency and Bankruptcy Code, 2016, Insolvency Professional Agency" means any person registered with the Board under section 201 as an insolvency professional agency. Insolvency Professional Agencies are designated to regulate Insolvency Professionals. These agencies enroll Insolvency Professionals, provide pre-registration educational course to its enrolled members and enforce a code of conduct for their functioning. They also issue 'authorisation for assignment' to the IPs enrolled with them. In exercise of powers conferred by the Insolvency and Bankruptcy Code, 2016, the Insolvency and Bankruptcy Board of India (IBBI) has framed the following regulations to regulate the working of Insolvency Professional Agencies (IPAs): The Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, and The Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations. 2016. According to Section 204 of the Code, insolvency professional agencies perform the following functions, namely: a) grant membership to persons who fulfil all requirements set out in its byelaws on payment of membership fee: b) lay down standards of professional conduct for its members; c) monitor the performance of its members; d) safeguard the rights, privileges and interests o I insolvency professionals who are its members; e) suspend or cancel the membership of insolvency professionals who are its members on the grounds set out in its bye-laws: f) redress the grievances of consumers against insolvency professionals who are its members; and g) publish information about its functions, list of its members, performance of its members and such other information as may be specified by regulations.