<span style="color: #222222;">The government today notified rules under the insolvency law to deal with the resolution of systemically important financial service providers, excluding banks.<br />'' <br />'' The Corporate Affairs Ministry has notified the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019.<br />'' <br />'' It will provide a generic framework for insolvency and liquidation proceedings of systemically important Financial Service Providers, FSPs other than banks.<br />'' <br />'' Section 227 of the Code enables the Central Government to notify, in consultation with the financial sector regulators, FSPs or categories of FSPs for the purpose of insolvency and liquidation proceedings.<br />'' <br />'' Significantly, Corporate Insolvency Resolution Process for an FSP will be initiated only on an application by the appropriate regulator.<br />'' <br />''<br />''The latest move comes against the backdrop of instances of financial stress faced by certain entities that are into financial services.</span><br />