RULE-07 REGISTRATION FOR IBBI REGISTERED VALUERS

RULE-07

CONDITIONS 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

The registration granted under rule 6 shall be subject to the conditions that the valuer shall –

at all times possess the eligibility and qualification and experience criteria as specified under rule 3 and rule 4;
at all times comply with the provisions of the Act , these rules and the Bye-laws or internal regulations, as the case may be, of the respective registered valuers organisation;
in his capacity as a registered valuer, not conduct valuation of the assets or class(es) of assets other than for which he/it has been registered by the authority;
take prior permission of the authority for shifting his/ its membership from one registered valuers organisation to another;
take adequate steps for redressal of grievances;
maintain records of each assignment undertaken by him for at least three years from the completion of such assignment;
comply with the Code of Conduct (as per Annexure-I of these rules) of the registered valuers organisation of which he is a member;
in case a partnership entity or company is the registered valuer, allow only the partner or director who is a registered valuer for the asset class(es) that is being valued to sign and act on behalf of it;
in case a partnership entity or company is the registered valuer, it shall disclose to the company concerned, the extent of capital employed or contributed in the partnership entity or the company by the partner or director, as the case may be, who would sign and act in respect of relevant valuation assignment for the company;
in case a partnership entity is the registered valuer, be liable jointly and severally along with the partner who signs and acts in respect of a valuation assignment on behalf of the partnership entity;
in case a company is the registered valuer, be liable alongwith director who signs and acts in respect of a valuation assignment on behalf of the company;
in case a partnership entity or company is the registered valuer, immediately inform the authority on the removal of a partner or director, as the case may be, who is a registered valuer along with detailed reasons for such removal; and
comply with such other conditions as may be imposed by the authority.