203. The Board may, for the purposes of ensuring that every insolvency
professional agency takes into account the objectives sought to be achieved
under this Code, make regulations to specify-
(a) the setting up of a governing board of an insolvency professional
agency;
(b) the minimum number of independent members to be on the governing board
of the insolvency professional agency; and
(c) the number of the insolvency professionals being its members who shall
be on the governing board of the insolvency professional agency.