(1) The Board shall, subject to the general direction of the Central Government, perform all or any of the following functions, namely:—

1. register insolvency professional agencies, insolvency professionals and information utilities and renew, withdraw, suspend or cancel such registrations;
2. promote the development of, and regulate, the working and practices of, insolvency professionals, insolvency professional agencies and information utilities and other institutions, in furtherance of the purposes of this Code;
3. specify the minimum eligibility requirements for registration of insolvency professional agencies, insolvency professionals and information utilities;
4. levy fee or other charges for carrying out the purposes of this Code, including fee for registration and renewal of insolvency professional agencies, insolvency professionals and information utilities;
5. specify by regulations standards for the functioning of insolvency professional agencies, insolvency professionals and information utilities;
6. lay down by regulations the minimum curriculum for the examination of the insolvency professionals for their enrolment as members of the insolvency professional agencies;
7. carry out inspections and investigations on insolvency professional agencies, insolvency professionals and information utilities and pass such orders as may be required for compliance of the provisions of this Code and the regulations issued hereunder;
8. monitor the performance of insolvency professional agencies, insolvency professionals and information utilities and pass directions as may be required for compliance of the provisions of this Code and the regulations issued hereunder;
9. call for any information and records from the insolvency professional agencies, insolvency professionals and information utilities;
10. publish such information, data, research studies and other information as may be specified by regulations;
11. specify by regulations the manner of collecting and storing data by the information utilities and providing access to such data;
12. collect and maintain records relating to insolvency and bankruptcy cases and disseminate information relating thereto;
13. constitute such committees as may be required including in particular the committees laid down in section 197;
14. promote transparency and best practices in its governance;
15. maintain websites and such other universally accessible repositories of electronic information as may be necessary;
16. engage in capacity building activities for insolvency professionals, insolvency professional agencies and information utilities and such other persons as may be specified by regulations;
17. specify mechanisms for redressal of grievances against insolvency professionals, insolvency professional agencies and information utilities and pass directions as may be required; and
18. perform such other functions as may be prescribed.

(2) Notwithstanding anything contained in any other law for the time being in force, for the purposes of this Code, the Board shall have the same powers as are vested in a civil court under the Code of Civil Procedure, 1908 while trying a suit, in respect of the following matters, namely:—

1. the discovery and production of books of account and other documents, at such place and at such time as may be specified by the Board;
2. summoning and enforcing the attendance of persons and examining them on oath;
3. inspection of any books, registers and other documents of any person at any place;
4. issuing commissions for the examination of witnesses or documents.