The Insolvency Professional Agency of Institute of Cost Accountants of India (IPA ICAI), a section 8 company incorporated under the Companies Act 2013 has been promoted by the Institute of Cost Accountants of India to enrol and regulate Insolvency Professionals (IPs) as its members in accordance with provisions of the Insolvency and Bankruptcy Code 2016, Rules, Regulations and Guidelines issued thereunder.

Functions of Insolvency Professional Agency: As per the provisions of Section 204 of the Code, an insolvency professional agency shall perform the following functions, namely:—

1. grant membership to persons who fulfil all requirements set out in its byelaws on payment of membership fee;
2. lay down standards of professional conduct for its members;
3. monitor the performance of its members;
4. safeguard the rights, privileges and interests of insolvency professionals who are its members;
5. suspend or cancel the membership of insolvency professionals who are its members on the grounds set out in its bye-laws;
6. redress the grievances of consumers against insolvency professionals who are its members; and
7. publish information about its functions, list of its members, performance of its members and such other information as may be specified by regulations.

Duties of the Agency (Insolvency Professional Agency):
Under Clause IV of Schedule- Regulation 6 of the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, the following duties of Insolvency Professional Agency are mentioned:

6. (1) The Agency shall maintain high ethical and professional standards in the regulation of its professional members.

(2) The Agency shall -

1. ensure compliance with the Code and rules, regulations and guidelines issued thereunder governing the conduct of insolvency professional agencies and insolvency professionals;
2. employ fair, reasonable, just, and non-discriminatory practices for the enrolment and regulation of its professional members;
3. be accountable to the Board in relation to all bye-laws and directions issued to its professional members;
4. develop the profession of insolvency professionals;
5. promote continuous professional development of its professional members;
6. continuously improve upon its internal regulations and guidelines to ensure that high standards of professional and ethical conduct are maintained by its professional members; and
7. provide information about its activities to the Board.