Quick Queries on Register Valuer and Valuation
"Quick Queries on Register Valuer and Valuation”
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Quick Queries on Register
Valuer and Valuation”
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1.
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Scope of person who have qualified as Register
Valuer u/s 247 of Companies Act?
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A
valuer shall conduct valuation required under the Act as per these rules and
he may conduct valuation as per these rules if required under any other law
or by any other regulatory authority.
Valuation
report of Register valuer qualified under Section 247 is applicable on
valuation under following Laws:
I.
Valuation under Companies Act, 2013
II.
Valuation
under Insolvency Code: Under Insolvency Code
and Insolvency and Bankruptcy Board of India Regulations, 2016 - Registered
Valuer means a person registered as such in accordance with the Companies
Act, 2013 and rules made thereunder
III.
Valuation
under SEBI : Under SEBI (REIT and InvIT) Regulations,
2016 “valuer” means any person who is a "registered valuer" under
section 247 of the Companies Act, 2013 and who has been appointed by the
manager to undertake valuation of the REIT assets
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2.
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Date from which Section and Rules
of Register Valuer and Valuation came into effect.
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3.
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A person rendering
valuation services as on date whether he can continue to provide valuation
serviced without complying the condition of this chapter or not?
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Yes, as per Rule 11 Any person who may be
rendering valuation services under the Act, on the date of commencement of
these rules, may continue to render valuation services without a certificate
of registration under these rules upto 31st March, 2018.
Therefore, w.e.f. 31.03.2018 he shall not
be eligible to provide the valuation services without fulfilling the
condition mentioned under these Rules.
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4.
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Who is the authority
to function under these rules?
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The
CG has delegated the powers to IBBI to function as authority under these
rules.
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5.
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Whether a
unregistered partnership firm can apply for the register valuer?
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No,
an unregistered partnership firm can’t apply for the same.
Only
a “partnership entity” means a partnership firm registered under the
Indian
Partnership Act, 1932
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6.
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Mandatory condition
to become Register Valuer.
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There
are three mandatory conditions to become register valuer:
i.
Education Qualification (as per rule
4)
ii.
Experience (as per rule 4)
iii.
Passing of Valuation examination (as
per rule 5)
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7.
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Whether there is any
time period of making of application for register valuer after passing of
examination?
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Yes, as per Rule 3(1) (c) Person have to
make the application for registration as valuer within 30 year of passing of
examination.
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8.
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Whether a person
resident outside India can become register valuer?
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As
per Rule 3(1) (g) only a person resident in India can become register valuer.
Clause (v) of section 2 of the Foreign
Exchange Management Act, 1999 ‘a person residing in India for more than one
hundred and eighty-two days during the course of the preceding financial
year’.
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9.
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Whether a Company
can be registered as register valuer.
If yes, then what
are the conditions forregistration?
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Yes as per Rule 3(2)(a) a Company can be register as valuer by
fulfilling the conditions.
Primary Condition:
·
it is not a subsidiary, joint venture
or associate of another company or body corporate
·
it has been set up for objects
rendering professional or financial services, including valuation services
·
three or all the directors,
whichever is lower, of the company, are registered valuers; or
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10.
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Qualification to
become register valuer?
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Post Graduate:
·
Post Graduate diploma in Specific
discipline
·
At least 3 year experience in
specific discipline
Bachelor Degree:
·
Bachelor degree in Specific
discipline
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At least 5 year experience in
specific discipline
Member of ICSI / ICSI /
ICWA
·
3 years after membership experience
·
Any one qualification mentioned
above
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11.
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What is the meaning
of Specific discipline?
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Specific
discipline which is relevant for valuation of an asset clause for which the registration
as a valuer is sought under.
In general language, specific experience
in valuation of that particular class of assets in which registration as
valuer is applying.
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12.
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Whether there is any
limit for appearance for valuation exam?
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An individual may appear for the
valuation examination any number of times.
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13.
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What is the Form no.
for application as register valuer
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Individual: Application shall be made in
form A of Annexure II.
Partnership Firm: Application shall be
made in form B of Annexure II.
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14.
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How much is the
registration Fees?
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Individual
: Rupees 5,000/-
Partnership
: Rupees 10,000/-
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15.
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Whether a register
valuer can do valuation of class of assets other than in which he is
registered?
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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
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16.
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Whether a register
valuer can transfer its membership one registered valuers organization to
another?
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With the prior permission of the
authority register valuer can shift
its membership from one registered valuers organization to another
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17.
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Time period for maintenance
of record of documents after completion of valuation.
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Register valuer shall maintain the record
of each assignment undertaken by him for at least three years from the
completion of such assignment.
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18.
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Power of the
Authority.
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The authority may cancel or suspend the
registration of a valuer or recognition of a registered valuers organization
for violation of the provisions of the Act
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19.
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Punishment for Contravention of Rules.
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He shall be punishable in accordance with
sub-section (3) of section 469 of the Act.
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20.
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Punishment for False statement in Report.
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If in any report, certificate or other
document required by, or for, the purposes of any of the provisions of the
Act or the rules made thereunder or these rules, any person makes a
statement,—
(a) which is false in any material
particulars, knowing it to be false; or
(b) which omits any material fact,
knowing it to be material,
he shall be liable under section 448 of
the Act.
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21.
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Code of Conduct for Register Valuer.
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·
Integrity and Fairness
·
Professional competence and Due care
·
Independence and disclosure of
Interest
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Confidentiality
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Information Management
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Gifts and Hospitality
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Remuneration and cost
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Occupation, employability and
restrictions.
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22.
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Which is the assets
class in which Company Secretaries, Chartered Accountants are allowed to
getregister as register valuer.
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As per annexure IV, Company Secretarial
and Chartered Accountants are allowed to get register as register valuer in
the field of “Securities of Financial
Assets”.
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23.
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Requirement of
Education qualification, experience and Valuation specific education course
for valuation of Securities or Financial Assets by member of ICSI / ICAI /
ICMA.
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i.
Education
Qualification:
Member of the Institute of Chartered
Accountants or The Institute of Cost Accountants of India or the Institute of
Company Secretaries of India;
ii.
Experience:
Three years of experience in the
discipline.
iii.
Courses as per syllabus specified
under rule 5 of the Valuation Rules.
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Note:
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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.
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