1. Central Govt. has delegated the powers to Insolvency and Bankruptcy Board of India (IBBI) to function as authority under these rules.
  2. A valuer shall conduct valuation required under the Companies Act, 2013 as per Companies (Registered Valuers and Valuation) Rules, 2017.
  3. 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. Yes, but at present ICSI RVO is registering candidates only for the assets class Securities or Financial Assets.
  5. An individual or a partnership entity or company meeting requirements specified in Rule 3 may register as a valuer.
  6. As per Rule 3(2)(a) partnership entity or a company can register as valuer by fulfilling the conditions given thereat.
  7. The mandatory conditions to become Registered Valuer are:
    1. Meet criteria as per Rule 3
    2. Meet Education Qualification and experience (as per Rule 4)
    3. Undergo Educational Course of 50 hours with ICSI RVO (as per rule 5)
    4. Passing of Valuation examination (as per Rule 5)
    5. Undergoing Training with ICSI RVO [as per Rule 12(2)(c) ]
    1. Enrolment as valuer member with ICSI RVO,
    2. Educational Course of 50 hours as member of ICSI RVO
    3. Pass valuation examination conducted by IBBI.
    4. Undergoing Training with ICSI RVO.
    5. Apply for registration with IBBI
  8. 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 Eligibility Experience in Specified Discipline
    Securities or Financial Assets
    1. Member of institute of Chartered Accountants of India, Member of Institute of Company Secretaries of India, Member of the Institute of Cost Accountants of India, Master of Business Administration or Post Graduate Diploma in Business Management (specialisation in finance).
    2. Post Graduate in Finance
    Three years
    NOTE: Members in employment are not eligible to apply.

  9. 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.
  10. 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.
  11. The syllabus prescribed by the IBBI is available on its website and website of IBBI and ICSI RVO.
  12. The format of examination prescribed by IBBI is as under:
    1. The examination is conducted online (computer-based in a proctored environment) with objective multiple-choice questions;
    2. The duration of the examination is 2 hours;
    3. A candidate is required to answer all questions;
    4. A wrong answer attracts a negative mark of 25% of the marks assigned for the question;
    5. A candidate needs to secure 60% of marks for passing;
    6. A successful candidate is awarded a certificate by the IBBI;
    7. A candidate is issued a temporary mark sheet on submission of answer paper; and
    8. No workbook or study material is allowed in exam.
    9. A candidate may use a non-memory based calculator. No mobile phone is allowed.
  13. 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.
  14. An individual may appear for the valuation examination any number of times.
  15. 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.
  16. 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.
  17. 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.
  18. The registration granted under rule 6 shall be subject to the conditions specified in rule 7.
  19. 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.
  20. Yes, with the prior permission of the IBBI registered valuer can transfer its membership from one registered valuers organization to another.
  21. Valuation Standards to be notified by the Central Government under Rule 19.
  22. Until the Valuation Standards are notified by the Central Govt., a valuer shall conduct valuation as per proviso given in rule 8.
  23. Registered valuer shall maintain the record of each assignment undertaken by him for at least three years from the completion of such assignment.
  24. 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.
  25. Model Code includes:
    1. Integrity and Fairness
    2. Professional competence and Due care
    3. Independence and disclosure of Interest
    4. Independence and disclosure of Interest
    5. Confidentiality
    6. Information Management
    7. Gifts and Hospitality
    8. Remuneration and costs
    9. Occupation, employability and restrictions
    The Code of Conduct of ICSI RVO is placed at its website www.icsi.rvo.in