Insolvency Professionals (IPs) are private persons, but are governed by Insolvency Regulator. Describe how the IPs are regulated?

It is true to say that Insolvency professionals (IPs) are private persons, but are governed by Insolvency Regulator (Insolvency and Bankruptcy Board of India). The Insolvency and Bankruptcy Code, 2016 provides for IPs to act as intermediary in the insolvency resolution process. Insolvency professionals are a class of regulated but private professionals having minimum standards of professional and ethical conduct. Section 3(19) of the Code defines an 'insolvency professional' as a person enrolled under section 206 the Code with an insolvency professional agency as its member and registered with the Board as an insolvency professional under section 207 of the Code. Section 206 of the Code lays down that no person shall render his services as insolvency professional under this Code without being enrolled as a member of an insolvency professional agency and registered with the Board. Section 207(1) of the Code further lays down that every insolvency professional shall, after obtaining the membership of any insolvency professional agency, register himself with the Board within such time, in such manner and on payment of such fee, as may be specified by regulations. Section 207(2) of the Code empowers the IBBI to specify the categories of professionals or persons possessing such qualifications and experience in the field of finance, law, management, insolvency or such other field to act as insolvency professionals. The Insolvency and Bankruptcy Board of India has framed the IBBI (Insolvency Professional) Regulations, 2016 to regulate the working of Insolvency Professionals. These regulations are amended from time to time by the IBBI. Section 208 of the Code provides for the functions and obligations of IPs during any insolvency resolution, fresh start, liquidation or bankruptcy process. IPs are required to follow Code of conduct, there performance is monitored by IPA and IBBI and also they are subject to disciplinary action by IBBI and IPA. Thus, from the above discussions, it is very much clear that IPs though private professional, are regulated by the IBBI, the Insolvency Regulator.