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TMI BlogTransfer of Membership from one RVO to anotherX X X X Extracts X X X X X X X X Extracts X X X X ..... discipline the members of the profession, and while doing so, they must follow well established norms of governance befitting a regulatory State. Keeping their responsibilities in view, the Rules prescribe the composition of Governing Board of an RVO, and manner of discharge of its powers and functions. The reputation of the valuation profession and the professional members hinges on the reputation of the RVO concerned. Being the new entities in the regulatory space, the conduct and performance of RVOs are being watched very closely by the stakeholders. 2. The Rules envisage a competitive industry of RVOs, where they compete with one another to provide better valuation services through their professional members, in the interest of the us ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enrolled as a Member, seeking no objection to transfer his membership to another RVO (hereafter RVO-2), along with: (a) a transfer fee, as may be specified by RVO-1, which shall not exceed ₹ 500/-, (b) any other amount due from the member to RVO-1, and (c) membership certificate, if any. T 2 RVO-1 If the application complies with the requirements against Serial Number 1, RVO-1 shall issue: (a) no objection to transfer of his membership, and (b) a statement of educational course undergone by the Member under rule 5 of the Rules, within seven days of receipt of the application; Or If the application does not comply with the requirements against Serial Number 1, RVO-1 shall inform the deficiency in the application to the appli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th: (a) evidence of submission of application to RVO-1 seeking transfer of membership, (b) evidence of addressing deficiency in the application, if any, required by RVO-1, (c) evidence of educational course undergone by him under rule 5 of the Rules, and (d) an undertaking that he has met all the requirements of transfer of membership of RVO-1, within seven days of issue of deemed no objection under the requirements against Serial Number 2 or that of Serial Number 4, as the case may be T+28 T+14 (Deemed no objection under Serial Number 2) T+28 (Deemed no objection under Serial Number 4) 6 RVO-2 RVO-2 shall process application for enrolment in accordance with the Rules and shall inform the date of enrolment to RVO-1. The Member sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sfer of membership. T+7 3 RV Where RVO-1 has informed the deficiency in the application, the applicant shall address the same. If he does not address the deficiency within seven days of being informed about deficiency, the application shall stand closed at RVO-1. T+14 4 RVO-1 After the RV has addressed the deficiency in the application in accordance with the requirement against Serial Number 3, RVO-1 shall forward the application to the Board along with its views on transfer of membership to RVO-2 and endorse a copy of the same to the applicant, within seven days of addressing the deficiency in the application. If no response is received from RVO-1 within seven days of addressing the deficiency in the application, it shall be deeme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... along with the permission issued by the Board, within seven days of the receipt of the permission. T+28 / T+42 8 RVO-2 RVO-2 shall process application for enrolment in accordance with the Rules. As per Rules 9 RVO-2 RVO-2 shall inform the Board and RVO-1 immediately on enrolment of the RV, confirming therein the date of enrolment. RV shall seize to be a member of RVO-1 from such date of enrolment NA 10 Board Upon receipt of information from RVO-2 as referred to in the requirement against Serial Number 9, the Board shall update its records, issue fresh Certificate of Registration to RV and confirm the same to RV, RVO-1 and RVO-2. 11 RV RV shall not take up any new assignment from the date he applies for transfer to RVO-1 till ..... X X X X Extracts X X X X X X X X Extracts X X X X
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