17.1.14-Companies (Registered Valuers and Valuation) Rules, 2017

14. Conditions of Recognition.─

The recognitionIt is clarified that as a condition of recognition the registered valuers organisation shall admit only individuals who possess the educational qualifications and experience requirements vide Circular No. RVO/12/ 2018 dated 30.05.2018. To view the Circular, Click Here granted under rule 13 shall be subject to the conditions that the registered valuers organisation shall-

(a) at all times continue to satisfy the eligibility requirements specified under rule 12;

(b) maintain a register of members who are registered valuers, which shall be publicly available;

(c) admits only individuals who possess the educational qualifications and experience requirements, in accordance with rule 4 and as specified in its recognition certificate, as members;

(d) make such reports to the authorityCentral Government have delegated powers under section 247 to the Insolvency and Bankruptcy Board of India vide notification dated 23.10.2017. To view the notification, Click Here as may be required by it;

(e) comply with any directions, including with regard to course to be conducted by valuation organisation under clause (a) of sub-rule (2) of rule 12, issued by the authority;

(f) be converted or registered as company under section 8 of the Act, with governance structure and bye laws specified in Annexure-III To view Circular by IBBI dated 09.10.2020 regarding Meetings of the Disciplinary Committee and Appellate Panel of the RVOs, Click Here To view the Annexure, Click Here, within a period of two yearsSubstituted vide the Companies (Registered valuers and Valuation) Third Amendment Rules, 2018 dated 25.09.2018. To view the Notification, Click Here one year from the date of commencement of these rules if it is an organisation referred to in proviso to sub-rule (1) of rule 12;

(g) shall have the governance structure and incorporate in its bye laws the requirements specified in Annexure-III To view Circular by IBBI dated 09.10.2020 regarding Meetings of the Disciplinary Committee and Appellate Panel of the RVOs, Click Here To view the Annexure, Click Here within one year of commencement of these rules if it is an organisation referred to in clause (i) of sub-rule (1) of rule 12 and existing on the date of commencement of these rules;

(h) display on its website, the status and specified details of every registered valuer being its valuer members including action under rule 17 being taken against him; and

(i) comply with such other conditions as may be specified by authority.

14A. Inserted vide MCA Notification dated 21.11.2022. To view the notification, Click Here  Intimation of changes in composition of governing board, etc. by the registered valuers organisations to the authority.- A registered valuers organisation shall intimate the authority for change in composition of its governing board, or its committees or appellate panel, or other details, after payment of fee as per theTable II in Annexure V Click Here to view Table II of Annexue – V