IBBI issues guidelines for tech standards for info utilities

The Insolvency and Bankruptcy Board of India (IBBI) has issued guidelines for technical standards to be followed by information utilities, including for consent framework in sharing details with third parties.

Information utilities store financial information to help establish defaults and verify claims expeditiously in order to complete transactions under the Insolvency and Bankruptcy Code (IBC) in a time-bound manner.

The guidelines for technical standards for various core services have been issued, an official release said today.

These include those for registration of users, unique identifier for each record as well as user, "consent framework for providing access to information to third parties" and security of the system as well as information.

Besides, guidelines for submission of information, identification and verification of persons, authentication of information, verification of information, data integrity, risk management framework, preservation of information and purging of information have been issued.

The Code, which became operational in December last year, provides for a market-determined and time-bound insolvency resolution process.