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[IBBI] Enrolment as Valuer Member by Registered Valuers Organisations

Insolvency and Bankruptcy Board of India (IBBI) Circular No. RVO/12/ 2018 dated 30th May 2018, addressed to All Registered Valuers Organisations (RVOs) regarding "Enrolment as Valuer Member by Registered Valuers Organisation and Registration as Registered Valuer by the Authority", reads as follows:

1. Subject to meeting other requirements, an individual is eligible to be a registered valuer under the Companies (Registered Valuers and Valuation) Rules, 2017 (Rules), if he:

 (i) is a fit and proper person,
 (ii) has the necessary qualification and experience,
 (iii) is a valuer member of a Registered Valuers Organisation (RVO),
 (iv) has completed a recognised educational course as member of an RVO,
 (v) has passed the valuation examination conducted by the Authority, and
 (vi) is recommended by the RVO for registration as a valuer.

2. As a condition of recognition of an RVO under rule 14(c) of the Rules, it shall admit only individuals who possess the educational qualifications and experience requirements, in accordance with rule 4 of the Rules and as specified in its recognition certificate, as valuer members. Clause VI (9) of the Governance Structure and Model Bye-Laws for RVO requires that an RVO shall not enrol an individual as a valuer member if he is not eligible to be registered as a registered valuer with the Authority.

3. Accordingly, recognised RVOs are advised to admit only those individuals, who possess the necessary educational qualifications and experience and meet other eligibility requirements, as valuer members. They are also advised to recommend only those valuer members, who have completed the recognised educational course and passed valuation examination of the relevant asset class, to the Authority for registration.

4. The applications for registration in form A or Form B, as the case may be, complete in all respects, along with applicable attachments and verifications, and fee, may be sent to: Deputy General Manager (Valuers Division) Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan Connaught Place, New Delhi-110001.

5. It is informed that the applications for registration as registered valuer shall be submitted online with effect from 1st July, 2018, the details of which shall be available on the web site of the Insolvency and Bankruptcy Board of India.

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