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COMPANIES (REGISTERED VALUERS AND VALUATION) RULES 2017 - DRAFT

News and Press Release - Dated:- 1-6-2017 - COMPANIES (REGISTERED VALUERS AND VALUATION) RULES, 2017 In exercise of the powers conferred by section 247 read with sections 458 and 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following Rules, namely:- CHAPTER I PRELIMINARY 1. Short title and commencement. (1) These Rules may be called the Companies (Registered Valuers and Valuation) Rules, 2017. (2) These Rules shall come into force with effect from 15th Jul .....

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rtnership entity means a partnership firm registered under the Indian Partnership Act, 1932 or a limited liability partnership registered under the Limited Liability Partnership Act, 2008 (6 of 2009); (e) valuation professional organisation means a valuation professional organisation recognised under Rule 13(5); (f) registered valuer is a valuer registered with the Registration Authority under Rule 7(6) for carrying out valuation of assets belonging to a class or classes of assets; (g) Registrat .....

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aid Rules. CHAPTER II ELIGIBILITY, QUALIFICATIONS AND REGISTRATION OF VALUERS 3. Prohibition. (1) Except as provided elsewhere in these Rules, no person shall practice as a registered valuer without obtaining a certificate of registration. (2) Any person who, not being a registered valuer - (a) practices as a registered valuer, under any name, style, title or description; or (b) holds himself/ itself out, whether directly or by implication, to be a registered valuer shall be liable for punishmen .....

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s in respect of valuation. (2) The Registration Authority shall, on the recommendations of a Committee of Experts constituted by it, determine the syllabus for the Valuation Examination. (3) The format and frequency of the Valuation Examination, including qualifying marks, shall be published on the website of the Registration Authority at least three months before the examination. (4) A person who passes the Valuation Examination, shall receive acknowledgement of passing the examination. (5) A p .....

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ting to five crore rupees or more, during the five years preceding the commencement of these rules, he shall not be required to pass the Valuation Examination; (b) does not have the qualification and experience specified in Rule 6; (c) is a minor; (d) has been declared to be of unsound mind; (e) is an undischarged bankrupt, or has applied to be adjudicated as an bankrupt; (f) is a person not resident in India; (g) has been convicted by any competent court for an offence punishable with imprisonm .....

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anation: For determining whether an individual is a fit and proper person under these Rules, the Registration Authority may take account of any relevant consideration, including but not limited to the following criteria- (i) integrity, reputation and character, (ii) absence of convictions and restraint orders, and (iii) competence, including financial solvency and net worth. (2) No partnership entity shall be eligible to be a registered valuer if- (a) it has incurred any of the disqualifications .....

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al shall have the following qualifications to be eligible for registration under Rule 5 - (i) post-graduate degree, in the specified discipline, from a University established, recognized or incorporated by law in India and at least three years of experience in the discipline thereafter; or (ii) a Bachelor s degree, in the specified discipline, from a university established, recognized or incorporated by law in India and at least five years of experience in the discipline thereafter; or (iii) mem .....

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valuer under Rule 5 may make an application to the Registration Authority in Form A of Schedule II, along with a non-refundable application fee of ten thousand rupees in favour of the Registration Authority. (2) A partnership entity eligible for registration as a registered valuer under Rule 5 may make an application to the Registration Authority in Form B of Schedule II, along with a non-refundable application fee of ten thousand rupees in favour of the Registration Authority or partnership ent .....

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ifications required for processing the application. (6) If the Registration Authority is satisfied, after such scrutiny, inspection or inquiry as it deems necessary, that the applicant is eligible under these Rules, it may grant a certificate of registration to the applicant to carry on the activities of a registered valuer for the relevant class of assets in Form C of the Schedule II, within sixty days of receipt of the application, excluding the time given by the Registration Authority for pre .....

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uments or clarifications, or appearing in person, as the case may be. (2) The applicant shall submit an explanation as to why his/its application should be accepted within fifteen days of the receipt of the communication under sub-rule (1), to enable the Registration Authority to form a final opinion. (3) After considering the explanation, if any, given by the applicant under sub- rule (2), the Registration Authority shall communicate its decision to- (a) accept the application, along with the c .....

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ts other than for which he/it has been registered by the Registration Authority; (d) take prior permission of the Registration Authority for shifting his/ its membership from one valuation professional organisation to another, after receiving no objection from both the concerned valuation professional organisations; (e) take adequate steps for redressal of grievances; (f) maintain records of all assignments undertaken by him/it under the Act and these Rules for at least three years from the comp .....

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(j) comply with such other conditions as may be imposed by the Registration Authority. 10. Temporary surrender. A valuation professional organisation shall inform the Registration Authority if any valuer who is its member has temporarily surrendered his/its membership or revived his/ its membership after temporary surrender, not later than seven days from approval of the application for temporary surrender or revival, as the case may be. 11. Transitional Arrangement. A person who is allowed und .....

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f assets of valuation if it:- (a) has been - (i) set up under an Act of Parliament, or; (ii) registered under section 25 of Companies Act, 1956 or section 8 of Companies Act, 2013, or; (iii) registered as a society under the Societies Registration Act, 1860 or any relevant state law, or; (iv) set up as a trust governed by the Indian Trust Act, 1882; Provided that no organisation established after 1st April, 2017 shall be recognised unless it is registered under section 8 of the Companies Act, 20 .....

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hip entities, who fulfil the requirements laid down by it in this regard, in respect of valuation of class of assets for which it is recognized as a valuation professional organisation; (d) conducts training for the individual members before a certificate of practice is issued to them; (e) lays down a code of conduct for valuers who are its members, which includes all the provisions specified in Schedule I; (f) provides for continuing education of individuals who are its members; (g) monitors an .....

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. (2) The Registration Authority shall examine the application, and give an opportunity to the applicant to remove the deficiencies, if any, in the application. (3) The Registration Authority may require the applicant to submit, within reasonable time, additional documents or clarification that it deems fit. (4) The Registration Authority may require the applicant to appear, within reasonable time, before the Authority through its authorised representative for explanation or clarifications requi .....

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ed, it shall communicate the reasons for forming such an opinion within forty-five days of receipt of the application, excluding the time given by it for removing the deficiencies, presenting additional documents or clarifications, or appearing through authorised representative, as the case may be. (2) The applicant shall submit an explanation as to why its application should be accepted within fifteen days of the receipt of the communication under sub- rule (1), to enable the Registration Autho .....

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essional organisation shall (a) at all times continue to satisfy the requirements under rule 12; (b) maintain a register of members who are registered valuers, which shall be publicly available; (c) make such reports to the Registration Authority as may be required by it; (d) comply with any directions, including with regard to examination to be conducted by valuation professional organisation under rule 12(b), issued by the Registration Authority; (e) be registered as company under section 8 of .....

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e valuations as per the Valuation Standards notified from time to time by the Central Government. (2) Until such time as the Valuation Standards are notified by the Central Government, a valuer shall make valuations as per- (a) an internationally accepted valuation methodology; (b) valuation standards adopted by any valuation professional organisation; or (c) valuation standards specified by Reserve Bank of India, Securities and Exchange Board of India or any other statutory regulatory body. 17. .....

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ed by the Ministry of Corporate Affairs; (c) one member nominated by the Insolvency and Bankruptcy Board of India; (d) one member nominated by the Reserve Bank of India; (e) one member nominated by the Securities and Exchange Board of India; (f) one member nominated by the Central Board of Direct Taxes; (g) one member nominated by the Central Board of Excise and Customs; (h) one member who is an eminent academician in valuation, nominated by the Central Government; (i) three members to represent .....

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entative of a valuation professional organisation more than once. 18. Valuation Report.- The valuer shall, in his/ its report, state the following:- (a) background information of the asset being valued; (b) purpose of valuation and appointing authority; (c) identity of the valuer and any other experts involved in the valuation; (d) disclosure of valuer interest/conflict, if any; (e) date of appointment, valuation date and date of report; (f) sources of information; (g) procedures adopted in carr .....

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y condition of registration or recognition, as the case may be; in the manner prescribed in Rule 20. 20. Disciplinary Proceedings. (1) Based on the findings of an inspection or investigation, or on material otherwise available on record, if the Registration Authority is of the prima facie opinion that sufficient cause exists to cancel or suspend the registration of a valuer or cancel or suspend the recognition of a valuation professional organisation, it shall issue a show-cause notice to the va .....

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egistration Authority proposes to take or issue if the allegations are established; (f) the manner in which the person is required to respond to the show-cause notice; (g) consequences of failure to respond to the show-cause notice within the given time; and (h) procedure to be followed for disposal of the show-cause notice. (3) The show-cause notice shall be served in the following manner by- (a) sending it to the valuer or valuation professional organisation at its registered address by regist .....

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der passed under sub-rule (5) cancelling the recognition of a valuation professional organisation, shall specify the time within which its members may take membership of another valuation professional organisation recognised for valuation of relevant class(es) of assets without prejudice to their registration. (7) The order passed under sub-rule (5) shall be issued to the concerned person immediately, and published on the website of the Registration Authority. (8) The order passed under sub-rule .....

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onest, straightforward, and forthright in all professional relationships. 3. A valuer should endeavour to ensure that he/it provides true and adequate information and shall not misrepresent any facts or situations. 4. A valuer should refrain from being involved in any action that would bring disrepute to the profession. Professional Competence and Due Care 5. A valuer should render at all times high standards of service, exercise, due diligence, ensure proper care and exercise independent profes .....

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deny his/its duty of care, except to the extent that the assumptions are statements of fact provided by the company and not generated by the valuer. 9. A valuer should have a duty to carry out with care and skill, the instructions of the client insofar as they are compatible with the requirements of integrity, objectivity and independence. Independence and Disclosure of Interest 10. A valuer should act with objectivity in his/its professional dealings by ensuring that his/its decisions are made .....

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ences. 13. A valuer should wherever necessary disclose to the clients, possible sources of conflicts of duties and interests, while providing unbiased services. 14. A valuer should not deal in securities of any subject company after any time when he/it first becomes aware of the possibility of his/its association with the valuation, and in accordance with the SEBI (Prohibition of Insider Trading) Regulations, 2015. 15. A valuer should not indulge in mandate snatching or convenience valuations in .....

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nfidentiality 18. A valuer should not use or divulge to other clients or any other party any confidential information about the subject company, which has come to his/its knowledge without proper and specific authority or unless there is a legal or professional right or duty to disclose. Information Management 19. A valuer should ensure that he/ it maintains written contemporaneous records for any decision taken, the reasons for taking the decision, and the information and evidence in support of .....

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tion and records as may be required by the Registration Authority, the Tribunal, Appellate Tribunal, the Valuation Professional Organisation with which he/it is registered, or any other statutory regulatory body. 22. A valuer while respecting the confidentiality of information acquired during the course of performing professional services, should maintain proper working papers for a period of three years, for production before a regulatory authority or for a peer review. In the event of a pendin .....

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uct of profession for himself/ itself. Remuneration and Costs. 25. A valuer should provide services for remuneration which is charged in a transparent manner, is a reasonable reflection of the work necessarily and properly undertaken, and is not inconsistent with the applicable rules. 26. A valuer should not accept any fees or charges other than those which are disclosed to and approved by the persons fixing his/ its remuneration. Occupation, employability and restrictions. 27. A valuer should r .....

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ication for registration as a valuer by an individual (Under Rule 7(1) of the Companies (Registered Valuers and Valuation) Rules, 2017) To The Chairperson Registration Authority for Valuers [Insert address] From [Name and address] Subject: Application for registration as a valuer Sir/Madam, I, having been enrolled as a member with the (please write the name of the valuation professional organisation), hereby apply for registration as a valuer under section 247 of the Companies Act, 2013 read wit .....

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tions [Please provide educational qualifications from Bachelor s degree onwards] Educational Qualification Year of Passing Marks (%) Grade/ Class University/College Remarks, if any 2. Professional Qualifications Professional Qualification Institute/Professional Body/Valuation Professional Organisation Membership No. (if applicable) Date of enrolment Remarks, if any 3. Valuation Qualifications 3.1. Have you passed Valuation Examination? (Yes / No) 3.2. If not, do you have the requisite practice i .....

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tice, experience in the relevant profession/ valuation Area of work D. VALUATION PROFESSIONAL ORGANISATION 1. Please give details of the valuation professional organisation of which you are a member. 2. Please state your membership number. E. ADDITIONAL INFORMATION 1. Have you ever been convicted for an offence? Yes/ No. If yes, please give details. 2. Are any criminal proceedings pending against you? (Yes/ No) If yes, please give details. 3. Have you ever been declared as an undischarged insolv .....

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uation of assets as required under proviso to Rule 5(a), if any. 5. Copies of certificate of employment by the relevant employer(s), specifying the period of such employment. 6. Income Tax Returns for the last three years. 7. Copy of proof of membership with a valuation professional organisation. 8. Passport-size photo. 9. Evidence of deposit / payment of ten thousand rupees. G. AFFIRMATIONS 1. Copies of documents, as listed in section F of this application form have been attached/ uploaded. The .....

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s of the Companies Act, 2013, the rules, directions and guidelines issued thereunder, the requirements of the valuation professional organisation with which I am enrolled, and the resolutions passed and directions given by the Registration Authority and the valuation professional organisation. 5. The applicable fee has been paid. Name and Signature of applicant Place: Date: ______________________________________________ VERIFICATION BY THE VALUATION PROFESSIONAL ORGANISATION We have verified the .....

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Chairperson Registration Authority for Valuers [Insert address] From [Name and address] Subject: Application for registration as a valuer Sir/Madam, I, being duly authorized for the purpose, hereby apply on behalf of [name and address of the applicant] which is a member of the [insert the name of the valuation professional organisation], apply for registration as a valuer under section 247 of the Companies Act, 2013 read with Rule 7(2) of the Companies (Registered Valuers and Valuation) Rules, .....

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-Mail Address 11. Mobile No.: C. EDUCATIONAL, PROFESSIONAL AND VALUATION EXAMINATION QUALIFICATIONS 1. Educational Qualifications [Please provide educational qualifications from Bachelor s degree onwards] Educational Qualification Year of Passing Marks (%) Grade/ Class University/College Remarks, if any 2. Professional Qualifications Professional Qualification Institute/ Professional Body/ Valuation Professional Organisation Membership No. (if applicable) Date of enrolment Remarks, if any 3. Val .....

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r partners are members. Please state your membership number. E. ADDITIONAL INFORMATION 1. Have you or any of your partners ever been convicted for an offence? Yes/ No. If yes, please give details. 2. Are any criminal proceedings pending against you or your partners? (Yes/ No) If yes, please give details. 3. Are you or any of your partners undischarged insolvents, or have applied to be declared so? (Yes/ No) If yes, please give details. 4. Please provide any additional information that may be rel .....

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nts, as listed in section F of this application form have been attached/ uploaded. The documents attached/ uploaded are …… I undertake to furnish any additional information as and when called for. 2. I am not disqualified from being registered as a valuer under the Companies (Registered Valuers and Valuation) Rules, 2017 . 3. This application and the information furnished by me along with this application is true and complete. If found false or misleading at any stage, the registra .....

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pplicant s representative Place: Date: ______________________________________________ VERIFICATION BY THE VALUATION PROFESSIONAL ORGANISATION We have verified the above details submitted by … who is our member with membership no. … and confirm these to be true and correct. We recommend registration of … as a valuer. (Name and Signature) Authorised Representative of the Valuation Professional Organisation Seal of the Valuation Professional Organisation Place: Date: SCHEDULE I .....

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certificate shall be valid from [insert start date]. (Name and Designation) For and on behalf of the Registration Authority Place : Date: SCHEDULE II FORM D APPLICATION FOR CERTIFICATE OF RECOGNITION (Under Rule 13(1) of the Companies (Registered Valuers and Valuation) Rules, 2017) To The Chairperson Registration Authority [Insert address] From [Name and address] Subject: Application for grant of certificate of recognition as a valuation professional organisation Madam/Sir, 1. I, being duly aut .....

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the applicant are enclosed. 3. I, on behalf of [insert name], affirm that the applicant is eligible to be recognised as a valuation professional organisation for the abovementioned class(es) of assets. 4. I, on behalf of [insert name], hereby affirm that - (a) all information contained in this application is true and correct in all material respects, (b) no material information relevant for the purpose of this application has been suppressed, and (c) recognition granted in pursuance of this app .....

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into a company registered under section 8 of the Companies Act, 2013 within the required period, if applicable to me. Yours faithfully, Authorized Signatory (Name) (Designation) Date Place ANNEXURE TO FORM D PART I GENERAL 1. Name of the applicant. 2. Address of registered office and principal place of business of the applicant. 3. Corporate Identification Number (CIN)/ PAN/ Other Identification Number. 4. Name, designation and contact details of the person authorized to make this application an .....

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th the applicant 2. Please provide brief details of any examination conducted for registration of members with the applicant. 3. Please provide brief details of the requirements of continuous education of the applicant s members. PART IV CODE OF CONDUCT 1. Please state if the Code of Conduct of the applicant is in compliance with the Companies (Registered Valuers and Valuation) Rules, 2017. 2. Please specify the clause number of the provisions of the Code of Conduct which are in addition to the .....

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in support of the application. Authorized Signatory (Name) (Designation) Date : Place : SCHEDULE II FORM E (Under Rule 13 or 14 of the Companies (Registered Valuers and Valuation) Rules, 2017) CERTIFICATE OF RECOGNITION VALUATION PROFESSIONAL ORGANISATION RECOGNITION NO. __ [Under Rule 13 or 14 of the Companies (Registered Valuers and Valuation) Rules, 2017] 1. In exercise of the powers conferred by Rule 13 or 14 of the Companies (Registered Valuers and Valuation) Rules, 2017 the Registration he .....

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ss it is a company registered under section 8 of the Companies Act, 2013 with share capital, and - (a) its sole object is to carry on the functions of an Valuation Professional Organisation under the Companies Act, 2013; (b) it is not under the control of person(s) resident outside India, (c) not more than 49% of its share capital is held, directly or indirectly, by persons resident outside India; and (d) it is not a subsidiary of a body corporate through more than one layer: Explanation: layer .....

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shall at all times be consistent with the model bye-laws. (4) The Valuation Professional Organisation shall publish its bye-laws, the composition of all committees formed, and all policies created under the bye-laws on its website. 3. AMENDMENT OF BYE-LAWS (1) The Governing Board may amend the bye-laws by a resolution passed by votes in favour being not less than three times the number of the votes, if any, cast against the resolution, by the directors. (2) A resolution passed in accordance wit .....

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osition of the Governing Board. (1) The Governing Board shall have a minimum of ____ directors. (2) More than half of the directors shall be persons resident in India at the time of their appointment, and at all times during their tenure as directors. (3) Not more than one fourth of the directors shall be Valuation Professionals. (4) More than half of the directors shall be independent directors at the time of their appointment, and at all times during their tenure as directors: Provided that no .....

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ctor as the Chairperson of the Governing Board. Explanation - For the purposes of bye laws, any fraction contained in (a) more than half shall be rounded off to the next higher number; and (b) not more than one- fourth shall be rounded down to the next lower number. PART II MODEL BYE-LAWS OF A VALUATION PROFESSIONAL ORGANISATION I. GENERAL 1. The name of the Valuation Professional Organisation is ____ (hereinafter referred to as the Organisation ). 2. The Organisation is registered as a company .....

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sation as defined under section 2(10) of Companies Act, 2013 (18 of 2013); (d) relative shall have the same meaning as assigned to it in section 2(77) of the Companies Act, 2013; (e) Valuation Professional includes the registered valuer referred to in rule 2(1)(f). (2) Unless the context otherwise requires, words and expressions used and not defined in these bye-laws shall have the meanings assigned to them in the Companies Act, 2013. III. OBJECTIVES 5. (1) The Organisation shall carry on the fu .....

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) The Organisation shall - (a) ensure compliance with the Companies Act, 2013 and rules, regulations and guidelines issued thereunder governing the conduct of Valuation professional Organisation and Valuation professionals; (b) employ fair, reasonable, just, and non-discriminatory practices for the enrolment and regulation of its members; (c) be accountable to the Registration Authority in relation to all bye-laws and directions issued to its members; (d) develop the profession of Valuation prof .....

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ers pertaining to- (a) the development of the profession; (b) standards of professional and ethical conduct; and (c) best practices in respect of Valuation. (2) The Advisory Committee may meet at such places and times as the Governing Board may provide. Other Committees of the Organisation. 8. (1) The Governing Board shall constitute- (a) one or more Membership Committee(s) consisting of such members as it deems fit; (b) a Monitoring Committee consisting of such members as it deems fit; (c) one .....

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the Governing Board may provide additional eligibility requirements for enrolment: Provided further that such additional requirements shall not discriminate on the grounds of religion, race, caste, gender, place of birth or professional affiliation. Process of Enrolment as Member. 10. (1) An individual may apply for enrolment as a member by submitting an application in such form, in such manner and with such fees as may be specified by the Organisation. (2) The Organisation shall examine the app .....

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teria for enrolment or does not remove the deficiencies or submit additional documents or information to its satisfaction, for reasons recorded in writing. (6) The rejection of the application shall be communicated to the applicant stating the reasons for such rejection, within thirty days of the receipt of the application, excluding the time given for removing the deficiencies or presenting additional documents or clarification by the Organisation, as the case may be. (7) The acceptance of the .....

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sum of money as its annual membership fee. Register of Members. 12. (1) The Organisation shall maintain a register of its professional members, containing their- (a) name; (b) proof of identity; (c) contact details; (d) address; (e) date of enrolment and membership number; (f) date of registration with the Registration Authority and registration number; (g) details of grievances pending against him with the Organisation; (h) details of disciplinary proceedings pending against him with the Organ .....

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arge his functions with utmost integrity and objectivity; (c) be independent and impartial; (d) discharge his functions with the highest standards of professional competence and professional ethics; (e) continuously upgrade his professional expertise; (f) comply with applicable laws in the performance of his functions; and (g) maintain confidentiality of information obtained in the course of his professional activities unless required to disclose such information by law. 14. The Organisation sha .....

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it information, including records of ongoing and concluded engagements as a Valuation professional, in the manner and format specified by the Organisation, at least twice a year. 17. The Monitoring Committee shall review the information and records submitted by the members in accordance with the Monitoring Policy. 18. The Monitoring Policy shall provide for the following - (a) the frequency of monitoring; (b) the manner and format of submission or collection of information and records of the mem .....

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y or by law, and (c) be non-discriminatory. 20. The Organisation shall submit a report to the Registration Authority in the manner specified by the Registration Authority with information collected during monitoring, including information pertaining to - (a) the details of the appointments made under the Act/these Rules, (b) the transactions conducted with stakeholders during the period of his appointment; (c) the transactions conducted with third parties during the period of his appointment; an .....

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. (2) The Grievance Redressal Committee, after examining the grievance, may- (a) dismiss the grievance if it is devoid of merit; or (b) initiate a mediation between parties for redressal of grievance. (3) The Grievance Redressal Committee shall refer the matter to the Disciplinary Committee, wherever the grievance warrants disciplinary action. 22. The Grievance Redressal Policy shall provide for- (a) the format and manner for filing grievances; (b) maximum time and format for acknowledging recei .....

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periodic review of the Grievance Redressal Mechanism. X. DISCIPLINARY PROCEEDINGS 23. The Organisation may initiate disciplinary proceedings by issuing a show-cause notice against members- (a) based on a reference made by the Grievances Redressal Committee; (b) based on monitoring of members; (c) following the directions given by the Registration Authority or any court of law; or (d) suo moto, based on any information received by it. 24. (1) The Organisation shall have a Disciplinary Policy, whi .....

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r; (b) suspension of the member for a certain period of time; (c) admonishment of the member; (d) imposition of monetary penalty; (e) reference of the matter to the Registration Authority, which may include, in appropriate cases, recommendation of the amount of restitution or compensation that may be enforced by the Registration Authority; and (f) directions relating to costs. (3) The Disciplinary Committee may pass an order for expulsion of a member if it has found that the member has committed .....

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ithin seven days from passing of the said order, with one copy each being provided to each of the parties to the proceeding. (5) Monetary penalty received by the Organisation under the orders of the Disciplinary Committee shall be used for the professional development. 25. (1) The Governing Board shall constitute an Appellate Panel consisting of one independent director of the Organisation, one member from amongst the persons of eminence having experience in the field of law, and one member nomi .....

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ry surrender of his membership of the Organisation at least thirty days before he- (a) becomes a person not resident in India; (b) takes up employment; or (c) starts any business, except as specifically permitted under the Code of Conduct; and upon acceptance of such temporary surrender and on completion of thirty days from the date of application for temporary surrender, the name of the member shall be temporarily struck from the registers of the Organisation, and the same shall be intimated to .....

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