RULE- 06 FOR IBBI REGISTERED VALUERS

RULE-06

APPLICATION FOR CERTIFICATE OF REGISTRATION FOR REGISTERED VALUERS AS PER RULES

THE COMPANIES (REGISTERED VALUERS AND VALUATION ) RULES, 2017

Published in the Gazette of India, Extra., Part II, Sec.3, No. 1316 (E), dated 18th Oct., 2017

An individual eligible for registration as a registered valuer under rule 3 may make an application to the authority in Form-A of Annexure- II along with a non-refundable application fee of five thousand rupees in favour of the authority.
A partnership entity or company eligible for registration as a registered valuer under rule 3 may make an application to the authority in Form-B of Annexure-II along with a non- refundable application fee of ten thousand rupees in favour of the authority .
The authority shall examine the application, and may grant twenty one days to the applicant to remove the deficiencies, if any, in the application.
The authority may require the applicant to submit additional documents or clarification within twenty- one days.
The authority may require the applicant to appear, within twenty one days, before the authority in person, or through its authorised representative for explanation or clarifications required for processing the application.
If the authority is satisfied, after such scrutiny, inspection or inquiry as it deems necessary,that the applicant is eligible under these rules, it may grant a certificate of registration to the applicant to carry on the activities of a registered valuer for the relevant asset class or classes in Form-C of the Annexure-II within sixty days of receipt of the application, excluding the time given by the authority for presenting additional documents, information or clarification, or appearing in person, as the case may be.
If, after considering an application made under this rule, the authority is of the prima facie opinion that the registration ought not be granted, it shall communicate the reasons for forming such an opinion within forty-five days of receipt of the application, excluding the time given by it for removing the deficiencies, presenting additional documents or clarifications, or appearing in person, as the case may be.
The applicant shall submit an explanation as to why his/its application should be accepted within fifteen days of the receipt of the communication under sub- rule (7), to enable the authority to form a final opinion.
After considering the explanation, if any, given by the applicant under sub-rule (8), the authority shall either–(a) accept the application and grant the certificate of registration; or(b) reject the application by an order, giving reasons thereof.
The authority shall communicate its decision to the applicant within thirty days of receipt of explanation.