The bankruptcy regulator on Wednesday amended technical standards guidelines for key services extended by information utilities (IUs), which typically store financial information about stressed firms in electronic databases, to streamline their operations and help speed up insolvency resolution.As per the latest Insolvency and Bankruptcy Board of India (IBBI) rules, an IU will use demographic authentication from the Unique Identification Authority of India (UIDAI) database to establish the identity of users, including creditors, during their registration with the utility.
For this purpose, the IU will have to obtain the so-called “sub-authentication user agency license” from the UIDAI.
Earlier, there was no requirement of demographic…
