The IBBI (Insolvency Professionals) Regulations, 2016 allow chartered accountants, company secretaries, cost accountants and Advocates with 10 years’of post-membership experience (practice or employment) or Graduates with 15 years’of post qualification managerial experience to be registered as IPs on passing the Limited Insolvency Examination. For this purpose, the IBBI launched the Limited Insolvency Examination on 31st December, 2016. It constituted an Examination Committee of Officers to finalise the syllabus and the questions for the examination. The Examination Committee published the syllabus for the examinations (being conducted from 31st December 2016 to 30th June 2017) on 30th November, 2016, FAQ on examination on 14th December, 2016 and one sample question paper on 28th December, 2016 on the web site of the IBBI.
The IBBI has assigned administration of the Limited Insolvency Examination to National Institute of Securities Markets (NISM).
The format of examination is as under:
a. The examination is conducted online (computer-based in a proctored environment) with objective multiple choice questions;
b. The duration of the examination is two hours;
c. A candidate is required to answer 90 questions in two hours for a total of 100 marks;
d. There is a negative marking of 25% of the marks assigned for the question;
e. Passing mark for the examination is 60%;
f. A candidate is issued a temporary mark sheet on the submission of examination paper;
g. Passing candidate is awarded a certificate by the IBBI; and
h. No workbook or study material is provided.
The frequency of examination is as under:
a. The examination is available from 100 + locations in the country;
b. The examination is available from 31st December, 2016 between 9:30 AM and 5:30 PM;
c. The enrolment for examination is open from 15th December, 2016;
d. A candidate pays an examination fee of Rs.1000 (Rupees one thousand only) online on every enrolment.