1. Who is the authority under these Rules?
Central Govt. has delegated the powers to Insolvency and Bankruptcy Board of India (IBBI) to function as authority under these rules.
2. What is the scope for a person who has qualified as Register Valuer?
A valuer shall conduct valuation required under the Companies Act, 2013 as per Companies (Registered Valuers and Valuation) Rules, 2017.
3. Which arethe asset classes in which registration as registered valuer is allowed?
As per annexure IV, registration as registered valuer is allowed in three assets classes i.e. Securities or Financial Assets, Plant and Machinery, Land and Building.
4. Is the ICSI RVO recognized by IBBI for registering Valuers for all the assets classes viz. Securities or Financial Assets, Plant and Machinery, Land and Building
Yes, but at present ICSI RVO is registering candidates only for the assets class Securities or Financial Assets.
5. Who can register as Valuer?
An individual or a partnership entity or company meeting requirements specified in Rule 3 may register as a valuer.
6. What are the conditions for registration as valuer for a partnership entity or company?
As per Rule 3(2)(a) partnership entity or a company can register as valuer by fulfilling the conditions given thereat.
7. What are mandatory conditions to become a Registered Valuer?
The mandatory conditions to become Registered Valuer are:
  • i. Meet criteria as per Rule 3
  • ii. Meet Education Qualification and experience (as per Rule 4)
  • iii. Undergo Educational Course of 50 hours with ICSI RVO (as per rule 5)
  • iv. Passing of Valuation examination (as per Rule 5)
  • v. Undergoing Training with ICSI RVO [as per Rule 12(2)(c) ]
8. What are the steps in becoming a Registered Valuer?
  • (i) Enrolment as valuer member with ICSI RVO,
  • (ii) Educational Course of 50 hours as member of ICSI RVO
  • (iii) Pass valuation examination conducted by IBBI.
  • (iv) Undergoing Training with ICSI RVO.
  • (v) Apply for registration with IBBI
9. What are the Qualifications and Experience requirements to register as a valuer?
Qualification and experience requirements mentioned in Rule 4 read with Annexure-IV to be come Registered Valuer for the asset class viz. Securities or Financial Assets are:

Asset Class

Educational qualification in specified discipline

Experience in specified discipline

Valuation Specific

Education Course

Graduate level

Post Graduate level

Securities or

Financial

Assets

Graduate in any stream

(1)  Member of the Institute of

Chartered Accountants or The Institute of Cost Accountants of India  or the Institute of Company Secretaries of India;

 

(2)  MBA/PGDBM  specialisation in finance or;

 

(3) Post Graduate Degree in Finance

Three  years of experience

in    the    discipline    after completing graduation.

Courses   as   per   syllabus

specified under rule 5

10. What is Educational Course ?
The educational course for the asset class shall be delivered by the registered valuer organisation in not less than 50 hours. The curriculum is available on IBBI and ICSI RVO website.
A candidate having the required qualification and experience and having completed the education course specified above shall be eligible for registration as a valuer on passing the valuation examination of the asset class conducted by the IBBI.
11. What is Valuation Examination?
IBBI either on its own or through a designated agency will conduct a valuation examination for one or more asset class to test the professional knowledge, skills, values and ethics in respect of valuation.
12. What is the syllabus for the examination?
The syllabus prescribed by the IBBI is available on its website and website of IBBI and ICSI RVO.
13. What is the format of valuation examination?
The format of examination prescribed by IBBI is as under:
  • (a) The examination is conducted online (computer-based in a proctored environment) with objective multiple-choice questions;
  • (b) The duration of the examination is 2 hours;
  • (c) A candidate is required to answer all questions;
  • (d) A wrong answer attracts a negative mark of 25% of the marks assigned for the question;
  • (e) A candidate needs to secure 60% of marks for passing;
  • (f) A successful candidate is awarded a certificate by the IBBI;
  • (g) A candidate is issued a temporary mark sheet on submission of answer paper; and
  • (h) No workbook or study material is allowed in exam.
  • (i) A candidate may use a non-memory based calculator. No mobile phone is allowed.
14. Is there any time period for making an application to become a registered valuer after passing of examination?
Yes, as per Rule 3(1)(c) a person has to make the application for registration as valuer within 3 years of passing of examination.
15. Is thereany limit for appearing in valuation examination?
An individual may appear for the valuation examination any number of times.
16. How can an individual apply to the IBBI for getting certificate of registration?
By applying to ICSI RVO in Form-A of Annexure-II of these Rules along with non-refundable application fee of rupees five thousand in favour of the IBBI.
17. How can a partnership entity or company apply to the IBBI for getting certificate of registration?
By applying to ICSI RVO in Form-B of Annexure-II of these Rules along with non-refundable application fee of rupees ten thousand in favour of the IBBI.
18. Whether a person rendering valuation services as on date can continue to provide valuation serviced without complying with the condition of these rules?
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 up to September 30, 2018.
19. What are the conditions of Registration to be complied by a valuer ?
The registration granted under rule 6 shall be subject to the conditions specified in rule 7.
20. Whether a registered valuer can do valuation of class of assets other than in which he is registered?
A registered valuer cannot conduct valuation of the assets or class(es) of assets other than for which he/it has been registered by the IBBI.
21. Whether a registered valuer can transfer its membership from one registered valuers organization to another?
Yes, with the prior permission of the IBBI registered valuer can transfer its membership from one registered valuers organization to another.
22. What is meant by Valuation Standards ?
Valuation Standards to be notified by the Central Government under Rule 19.
23. How should a valuer conduct vauation till the notification of Valuation Standards by the Central Government?
Until the Valuation Standards are notified by the Central Govt., a valuer shall conduct valuation as per proviso given in rule 8.
24. What is the time period for maintenance of record or documents after completion of valuation?
Registered valuer shall maintain the record of each assignment undertaken by him for at least three years from the completion of such assignment.
25. What is the power of the IBBI under these Rules?
The IBBI may cancel or suspend the registration of a valuer or recognition of a registered valuers organization for violation of the provisions of the Companies (Registered Valuers and Valuation Rules), 2017.
26. What is Model Code of Conduct for Registered Valuers?
Model Code includes:
  • (i) Integrity and Fairness
  • (ii) Professional competence and Due care
  • (iii) Independence and disclosure of Interest
  • (iii) Independence and disclosure of Interest
  • (iv) Confidentiality
  • (v) Information Management
  • (vi) Gifts and Hospitality
  • (vii) Remuneration and costs
  • (viii) Occupation, employability and restrictions

The Code of Conduct of ICSI RVO is placed at its website www.icsi.rvo.in