Section 209 No person to function as information utility without certificate of registration
“Save as otherwise provided in this Code, no information utility shall carry on its business under this Code except under and
in accordance with a certificate of registration issued in that behalf by the Board”
VL Note : –
Section 210 Registration of information utility
“(1) Every application for registration shall be made to the Board in such form and manner, containing such particulars, and
accompanied by such fee, as may be specified by regulations:
Provided that every application received by the Board shall be acknowledged within seven days of its receipt.
(2) On receipt of the application under sub-section (1), the Board may, on being satisfied that the application conforms with
all requirements specified under sub-section (1), grant a certificate of registration to the applicant or else, reject, by order,
such application.
(3) The Board may issue a certificate of registration to the applicant in such form and manner and subject to such terms and
conditions as may be specified.
(4) The Board may renew the certificate of registration from time to time in such manner and on payment of such fee as may
be specified by regulations
(5) The Board may, by order, suspend or cancel the certificate of registration granted to an information utility on any of the
following grounds, namely: –
(a) that it has obtained registration by making a false statement or misrepresentation or any other unlawful means;
(b) that it has failed to comply with the requirements of the regulations made by the Board;
(c) that it has contravened any of the provisions of the Act or the rules or the regulations made thereunder;
(d) on any other ground as may be specified by regulations:
Provided that no order shall be made under this sub-section unless the information utility concerned has been given a
reasonable opportunity of being heard:
Provided further that no such order shall be passed by any member except whole-time members of the Board. ”
VL Note : –
Section 211 Appeal to National Company Law Appellate Tribunal
“Any information utility which is aggrieved by the order of the Board made under section 210 may prefer an appeal to the
National Company Law Appellate Tribunal in such form, within such period, and in such manner, as may be specified by
regulations”
VL Note : –
Section 212 Governing Board of information utility
“The Board may, for ensuring that an information utility takes into account the objectives sought to be achieved under this
Code, require every information utility to set up a governing board, with such number of independent members, as may be
specified by regulations”
VL Note : –
Section 213 Core services, etc. of information utilities
“An information utility shall provide such services as may be specified including core services to any person if such person
complies with the terms and conditions as may be specified by regulations”
VL Note : –
Section 214 Obligations of information utility
“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 as may be specified by regulations;
(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 as may be specified by regulations;
(g) publish such statistical information as may be specified by regulations.
(h) have inter-operatability with other information utilities.”
VL Note : –
Section 215 Procedure for submission, etc. of financial information
“(1) Any person who intends to submit financial information to the information utility or access the information from the
information utility shall pay such fee and submit information in such form and manner as may be specified by regulations.
(2) A financial creditor shall submit financial information and information relating to assets in relation to which any security
interest has been created, in such form and manner as may be specified by regulations.
(3) An operational creditor may submit financial information to the information utility in such form and manner as may be
specified.”
VL Note : –
Section 216 Rights and obligations of persons submitting financial information
“(1) A person who intends to update or modify or rectify errors in the financial information submitted under section 215, he
may make an application to the information utility for such purpose stating reasons therefor, in such manner and within such
time, as may be specified
(2) A person who submits financial information to an information utility shall not provide such information to any other
person, except to such extent, under such circumstances, and in such manner, as may be specified.”
VL Note : –