About ICAI Registered Valuers Organisation

1.) What is ICAI Registered Valuers Organization (RVO)
The ICAI Registered Valuers Organization (RVO) is a Section 8 Company formed by the Institute of Chartered Accountants of India (ICAI) to enroll and regulate registered valuers as its members in accordance with the Companies (Registered Valuers and Valuation) Rules, 2017 and matters incidental thereto.

2.) Who has recognized ICAI Registered Valuers Organization (RVO) and for which class?
ICAI Registered Valuers Organization (RVO) has been recognized by the Insolvency and Bankruptcy Board of India (IBBI) for the Asset Class “Securities or Financial Assets”.

3.) What is the objective of the ICAI Registered Valuers Organization (RVO)?
The primary objective of the Company is to enroll, educate and train members to enable them to carry out activities for the effective valuation procedures and methods, develop the profession of Registered Valuers, promote continuous professional development of valuation professionals, establish and promote high standards of practice and professional conduct.

Compliance with Valuation Standards

4.) Whether a Valuer is required to comply with valuation standards while conducting a valuation?
As per Rule 8 of Companies (Registered Valuers and Valuation) Rules, 2017, the registered valuer shall, while conducting a valuation, comply with the valuation standards as notified or modified under rule 18: 2 Provided that until the valuation standards are notified or modified by the Central Government, a valuer shall make valuations as per- (a) internationally accepted valuation standards; (b) valuation standards adopted by any registered valuers organisation.

5.) Whether there are any Indian Valuation Standards available?
ICAI VALUATION STANDARDS 2018

The Institute of Chartered Accountants of India has issued the ICAI Valuation Standards 2018 to ensure the consistent, uniform and transparent valuation policies for the member undertaking the Valuation Assignments.

With a vision to promote best practices in this niche area of practice, the Standards lay down a framework for the chartered accountants to ensure uniformity in approach and quality of valuation output.

The Valuation Standards have been issued by the Institute of Chartered Accountants of India to set up concepts, principles and procedures which are generally accepted internationally having regard to legal framework and practices prevalent in India.

These Standards are applicable for all valuation engagements on mandatory basis for members undertaking valuation engagements under the Companies Act 2013. In respect of Valuation engagements under other Statutes like Income Tax, SEBI, FEMA etc, it will be on recommendatory basis for the members of the Institute. These Valuation Standards are effective for the valuation reports issued on or after 1st July,2018.

These standards come as ICAI’s consistent drive to guide its members for ensuring high quality work and standards. Accordingly, ICAI Valuation Standards, 2018 are applicable on recommendatory basis for all the valuation engagements undertaken by members under various laws.

In this regard, all the members of the Institute are advised to follow the ICAI Valuation Standards 2018 while conducting any type of Valuation Engagement to ensure uniformity and transparency.

The list of Valuation Standards issued by the Institute of Chartered Accountants of India are as follows:

6.) Whether ICAI Registered Valuers Organisation has adopted any Valuation Standards available?

Yes, the above mentioned Valuation Standards issued by the Institute of Chartered Accountants of India have been adopted by the ICAI RVO.

7.) Whether a valuer is required to comply with the Valuation Standards adopted and issued by ICAI RVO?

Yes as per Rule 8 of Companies (Registered Valuers and Valuation) Rules, 2017, the registered valuer shall, while conducting a valuation, comply with the valuation standards as notified or modified under rule 18 of the said Rules.

Eligibility to register as a Registered Valuer

8.) What is the qualifications and experience required to register as a Registered Valuer for financial securities class?

As per the Annexure IV of The companies (Registered Valuers and Valuation) Rules, 2017 an individual shall have the following qualifications and experience to be eligible for registration as Registered Valuers under rule 4, namely:-

i.) 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) with minimum 3 years of experience in the specified discipline;

ii.) Post- Graduate in Finance with minimum 3 years of experience in the specified discipline;

Note:- The eligibility qualification means qualification obtained from a recognised Indian University or equivalent whether in India or abroad.

9.) Who is eligible to be a Registered Valuer?

I.) A person shall be eligible to be registered valuer, if

i.) is a valuer member of a registered valuers organisation;

Explanation ─ For the purposes of this clause, “a valuer member” is a member of a registered valuers organisation who possesses the requisite educational qualifications and experience for being registered as a valuer;

ii.) is recommended by the registered valuers organisation of which he is a valuer member for registration as a valuer;

iii.) has passed the valuation examination under rule 5 within three years preceding the date of making an application for registration under rule 6;

iv.) possesses the qualifications and experience as specified in rule 4;

v.) is not a minor;

vi.) has not been declared to be of unsound mind;

vii.) is not an undischarged bankrupt, or has not applied to be adjudicated as a bankrupt;

viii.) is a person resident in India;

Explanation ─ For the purposes of these rules ‘person resident in India’ shall have the same meaning as defined in clause (v) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999) as far as it is applicable to an individual;

ix.) has not been convicted by any competent court for an offence punishable with imprisonment for a term exceeding six months or for an offence involving moral turpitude, and a period of five years has not elapsed from the date of expiry of the sentence: Provided that if a person has been convicted of any offence and sentenced in respect thereof to imprisonment for a period of seven years or more, he shall not be eligible to be registered;

x.) has not been levied a penalty under section 271J of Income-tax Act, 1961 (43 of 1961) and time limit for filing appeal before Commissioner of Income-tax (Appeals) or Income-tax Appellate Tribunal, as the case may be has expired, or such penalty has been confirmed by Income-tax Appellate Tribunal, and five years have not elapsed after levy of such penalty; and

xi.) is a fit and proper person:

Explanation.─ For determining whether an individual is a fit and proper person under these rules, the authority may take account of any relevant consideration, including but not limited to the following criteria-

(a) integrity, reputation and character,
(b) absence of convictions and restraint orders, and
(c) competence and financial solvency.

II. No partnership entity or company shall be eligible to be a registered valuer if:

i) it has been set up for objects other than for rendering professional or financial services, including valuation services and that in the case of a company, it is not a subsidiary, joint venture or associate of another company or body corporate;

ii) it is undergoing an insolvency resolution or is an undischarged bankrupt;

iii) all the partners or directors, as the case may be, are not ineligible under clauses (c), (d), (e), (g), (h), (i), (j) and (k) of sub-rule (1);

iv) three or all the partners or directors, whichever is lower, of the partnership entity or company, as the case may be, are not registered valuers; or

v.) none of its partners or directors, as the case may be, is a registered valuer for the asset class, for the valuation of which it seeks to be a registered valuer.

10.) What are the other requirements to register as a registered valuer?
Subject to meeting other requirements, an individual is eligible to be a registered valuer, if he
i) is a fit and proper person,

ii) has the necessary qualification and experience,

iii) is a valuer member of a RVO,

iv) has completed a recognised educational course as member of a RVO,

v) has passed the valuation examination conducted by the IBBI, and

vi) is recommended by the RVO for registration as a valuer.

11.) I am a graduate with 5 years experience. Whether I am eligible to register under ICAI Registered Valuers Organization (RVO)?
No.

12.) I am an MBA specialised in Finance with 2 years and 11 months experience. Whether I am eligible to register in ICAI Registered Valuers Organization (RVO)?
You are eligible to do Primary Registration only after possessing 3 years of experience in the discipline after completing post graduation.

13.) I am an MBA specialised in Finance having 4 years of post qualification experience. Whether I am eligible to register under ICAI Registered Valuers Organization (RVO)?
Yes.

14.) I am an MBA specialised in Marketing having 6 years experience. Whether I am eligible to register under ICAI Registered Valuers Organization (RVO)?
No.

15.) I am a Chartered Accountant having 3 years experience. Whether I am eligible to register under ICAI Registered Valuers Organization (RVO)?
Yes.

16.) I am a Chartered Accountant having 6 years experience. Whether I am eligible to register in ICAI Registered Valuers Organization (RVO)?
Yes.

17.) Whether I need to enroll as a member of RVO before undertaking Educational Course?
Yes.

18.) Whether a person in employment can become a Registered Valuer ?
No.

Primary membership and Educational Course
19.) Whether an individual possessing qualification and experience as per Rule 4 is required to register with RVO?
Yes, an individual shall enroll with the RVO as a primary member.

20.) How many hours of Educational Course is mandatory?
50 hours Educational Course is mandatory.

21.) Whether it is mandatory to undertake Educational Course by an RVO?
Yes as per Rule 5 (1) of the Companies (Registered Valuers and Valuation) Rule, 2017, it is mandatory to undertake Educational Course in the specified class.

22.) What is the process to be followed to become a Valuer member?
An individual has to first enroll as a valuer member with Registered Valuers Organisation and complete 50 hours Educational Course conducted by the RVO.

On completion of the Course and receiving a certificate of participation, the valuer member has to clear examination conducted by IBBI.

After clearing examination, valuer member to enroll with RVO and to make an application to the Authority in Form A of the Annexure II of the Companies (Registered Valuers and Valuation) Rules, 2017.

23.) Whether a person in employment can undertake Educational Course?
Yes.

24.) Whether a person in employment can take Examination to become Registered Valuer?
Yes.

25.) What if I missed any session of the 50 Hours Educational Course?
In case you missed any session then you have the attend that session in next batch. After that only the certificate of Participation will be issued.

26.) 26. If in case I missed any session of the 50 hours Educational Course will recordings of same be provided by RVO.
No.

Fee for Primary Membership and Educational Course
27.) WHAT IS THE REGISTRATION PROCESS TO BE FOLLOWED TO GET PRIMARY MEMBERSHIP AND EDUCATIONAL COURSE?
At first an announcement regarding the launch of upcoming batch of educational course by ICAI RVO will be hosted on its website. The link for same is: https://icairvo.in/

Registrations:
An Individual willing to register for the classes of the Educational Course by ICAI RVO mandatorily needs to register on the portal https://icairvo.in/Registration/Rlogin.aspx,fill the primary membership form and make the requisite membership fee payment

After enrolling as primary member and based on the availability of seat, you can enrol for the Educational Course.

Disclaimer:
Submission of Registration Form or payment of Fee directly does not entitle for enrolment of the Course. ICAI RVO has the right to reject any incomplete application.

Fees:
For Physical classes
• The primary membership fee is Rs 5,000 plus 18% GST= Rs 5,900/- (non- refundable) along with
• The Educational course Fee is Rs 25000 plus 18% GST = Rs 29500/-
For Online classes
• The primary membership fee is Rs 5,000 plus 18% GST= Rs 5,900/- (non- refundable) along with
• The Educational course Fee is Rs 15000 plus 18% GST = Rs 17,700/-

Payment will be accepted only after registration is done through the portal. No other mode of payment will be accepted

28.) Whether the Primary membership fee is refundable?
No

29.) Is there any time limit for attending 50 hours educational course after payment of primary membership fees?
Yes, the candidate must attend the 50 hours course within one year from the date of payment of educational course fees.

30.) Whether the Educational Course fee is refundable?
Yes, if the participants informs ICAI RVO, 48 hours prior to the launch of the Course. In case, the participant does not inform, an amount of Rs 2000 will be deducted from the fees paid/ deposited. The amount of GST will not be refunded, in case the same is already deposited with the government.

31.) If I am a partner in a CA firm and my firm bears the expense of the 50 Hours Registered Valuer course taken by me, then is it possible that the GST Invoice can be issued in the name of the Firm/ company?
No, the same can only be issued in Individual’s name as the individual will become the Registered Valuer in his/ her own individual capacity and he cannot take the valuation assignments on behalf of his CA firm. However, the invoice can be issued in the name of firm, only if the firm is already registered with RVO.

Examination to be a Registered Valuer
32.) What is Valuation Examination?
• Valuation Examination is conducted to test the knowledge, practical skills and ethics of individuals in respect of valuation.
• A person, who passes the Valuation Examination, shall receive acknowledgement of passing the examination.
• A person may appear for the Valuation Examination any number of times.

33.) Where I can get the detailed syllabus for the educational course of ICAI Registered Valuers Organisation?
For detailed syllabus for the educational course of ICAI Registered Valuers Organisation please visit: https://ibbi.gov.in/SFAsyllabuswef01062020.pdf

34.) Where I can enroll for the IBBI Valuation Examination for Asset Class-Securities or Financial Assets?
For the details of IBBI Valuation Examination for Asset Class-Securities or Financial Assets, please visit: https://certifications.nism.ac.in/nismaol/
Step 1: Login
Once the link is activated Candidate can login through NISM Certification website by using e-mail ID and password provided at the time of registration.
Step 2: ENROLL
• Candidate can enroll for the Exam by using “enrolment for certification”. Candidate can also avail the facility of re-schedulement only 15 days prior to the scheduled examination date.
• Candidate can take the print of the admit card by using “My Enrollments”.
• Candidate can choose the examination from the list of all NISM examinations.
Step 3: Test Center Selection
• Candidate can select the city and test centre to check the seat availability.
Step 4: Check Seat Availability
• Candidate can choose the examination centre and can check the number of seats available by selecting the date range.
• Candidate can select examination slot from the available slots and enroll for the examination.
Step 5: Select a Time Slot
Candidate can further book the seat by making the online payment of RS 1500. After selection and seat booking confirmation the system will take candidate to the payment gate way, where candidate can choose the Bank and mode of payment.
Step 6: Make your Payment
• Candidate can proceed by making the payment through NISM payment gateway.
• Choose your preferred mode of payment from the options listed.
Step 7: Payment Conformation
After filling the payment details, click on “Pay Now” Candidate will receive the payment/enrolment confirmation through E-mail and SMS.
Download Admit Card
Candidate can Download Admit Card ,Print E-receipt and can take the print of Admit Card by clicking on "My Enrollments."

35.) How can I register for the IBBI - Valuation Examination?
You need to go through three steps for taking the examination and follow instructions given on the screen at every step:
Stage I: Login Visit https://certifications.nism. ac. in and click on “Register”

Stage II: Fill the Online Registration Form
• Complete all the required sections highlighted with an asterisk (*).
If the given email ID will be available system will show “Entered E-mail Address is available” and candidate can proceed with the registration. Candidate can retrieve the password by clicking on “FORGOT PASSWORD”

• Fill in all the personal details including scanned copy of PAN Card ,upload proper recent, coloured, passport size photograph, as same will be used on Admit card and Certificate.
All details filled up in the registration form is verified by NISM to ensure the authenticity of registration. In case the details are found improper, communication will be sent via email on the registered email ID.

• After completing the registration form click on “SUBMIT” to receive the activation link.
On successful completion of registration an activation link will be sent to the e-mail address specified by the candidate. Candidate’s Account with NISM will be activated only after the candidate activates the link by clicking it.

Stage III: Click on the Activation Link
• Activation link is sent to the registered email ID provided by the candidate. Candidate can check the inbox and spam folder for the receipt of the activation link.
• Once the account is activated candidate can login to his account.

36.) Is this examination mandated under any law and for what purpose?
Yes. The Companies (Registered Valuers and Valuation) Rules, 2017 was notified on October 18, 2017. The Ministry of Corporate Affairs (MCA) has delegated the powers and functions pertaining to Registered Valuers, as mentioned in Section 247 of the Companies Act, 2013, to the IBBI, vide notification dated October 23, 2017). The Valuation Examination is mandated under Section 247 read with sections 458 and 469 of the Companies Act, 2013 (18 of 2013). It is one of the mandatory conditions for registration as a Registered Valuer with IBBI.

37.) WHAT IS THE FEE PAYABLE FOR THE EXAMINATION?
The prescribed fee for Valuation Examinations w.e.f. 1st October 2022 is Rs. 5000 + applicable GST i.e., Rs. 5900 (Rupees Five Thousand and Nine Hundred only) for every enrolment. It has to be paid during enrolment and can be paid using Debit Card / Net Banking / Credit Card. The payment gateway charges, if any, shall be borne by the candidates.

38.) WHAT IS THE STRUCTURE OF THE QUESTION PAPER?
The examination is based on multiple choice questions which are to be answered within time period of 2 hours. The question paper will have a total of 87 questions, out of which 74 questions will be of 1 mark each and 13 questions of 2 marks each. Questions include those based on case studies also. The maximum score is 100. And 60% and above is considered successful. There is a negative marking of 25% for each wrong answer. Each question paper is unique, derived by the system and hence is randomised and comprehensive in terms of coverage of the syllabus.

39.) CAN I HAVE AN IDEA OF THE STRUCTURE OF THE QUESTION PAPER BEFORE THE EXAMINATION?
A sample question paper for respective asset class is available at https://ibbi.gov.in/examination/view-valuation-exam/19

40.) When is the examination held?
To check the availability of date and time at the examination centre of your choice, please visit
https://certifications.nism.ac.in/nismaol/
Also refer point no. 34 and 35.
41.) HOW MANY TIMES I CAN TAKE THE EXAMINATION?
You can appear for the examination any number of times till you clear the exam. Please note that w.e.f. 7th September 2022 a cooling off period of 2 months between two consecutive attempts is applicable in accordance with the IBBI Circular No. EXAM-13016/2022-IBBI dated 6th June 2022. (Available on IBBI website at https://ibbi.gov.in/legal-framework/circulars).

42.) HOW DO I PREPARE FOR THE EXAMINATION?
The examination is based on the syllabus notified by the IBBI on its website. Please visit https://ibbi.gov.in/examination/view-valuation-exam/19 and click on the relevant asset class to find out syllabus. All areas of the syllabus are covered in the examination and the candidate is expected to be thorough on every part of the syllabus. ICAI RVO also provide the detailed study material and the access of Learning Management System to its registered members which facilitate them in the preparation for IBBI Valuer Examination.

43.) Can I refer books or other material during the examination?
No. It is not an open book examination.

44.) When will I receive the pass certificate?
Once you cleared the exam by scoring 60% an acknowledgement will be appeared on the computer screen at the examination center. The pass certificate will be issued by the IBBI within 30 days of examination.

45.) WHO SHOULD I CONTACT FOR ANY CLARIFICATION ABOUT THE EXAMINATION?
For any clarification, you may send an e-mail to NISM at certification@nism.ac.in or you may call up NISM on number +91-8080806476 (09:30 hrs to 17:30 hrs) (Mondays to Fridays). For contacting Valuation Examinations Division of IBBI, you may send an email to valuationexam@ibbi.gov.in.

46.) How long is the certificate of passing the exam valid?
The certificate is valid for three year from the date of passing the examination. Therefore, the candidate is required to get registered within 3 years with the IBBI as Registered Valuer.

Registration Certificate
47.) What are the conditions to grant certificate of registration to a Valuer to carry on the activities of a registered valuer?
Certificate of registration is granted by the IBBI in Form C of Annexure II of Companies (Registered Valuers and Valuation) Rules, 2017. The conditions for issuing a Certificate of Registration to Valuer are as follows:

• At all times possess the eligibility and qualification and experience criteria as specified under rule 3 and rule 4;
• At all times comply with the provisions of the Act , these rules and the Bye-laws or internal regulations, as the case may be, of the organisation;
• Shall not render in his capacity as a registered valuer, not conduct valuation of the assets or class(es) of assets other than for which he/it has been registered by the authority;
• He should take prior permission of the authority for shifting his/ its membership from one registered valuers organisation to another;
• He should take adequate steps for redressal of grievances;
• shall maintain records of each assignment undertaken by him for at least three years from the completion of such assignment;
• He should comply with the Code of Conduct (available at the link: https://icairvo.in/laws-policies/code-conduct/ ) of the ICAI RVO;
• He should comply with such other conditions as may be imposed by the authority.

48.) Who will issue the registration certificate?
The registration certificate as a valuer to carry out activities of a registered valuer will be issued by IBBI.

49.) How much fees to be paid for registration as an individual valuer?
The applicant is required to pay the non-refundable application fees as follows:

Fees of Insolvency and Bankruptcy Board of India (IBBI)
• Rs. 5,000/- (Five Thousand only) plus GST @ 18%. i.e. Rs 5900 only

Fees to ICAI Registered Valuers Organisation (ICAI RVO)
• Rs. 10,000/- (Rupees Ten Thousand only) as Annual membership fee and Rs. 2000/- (Rupees Two Thousand only) as Enrolment Fee plus GST @ 18%.
• Fees will be charged half i.e. Rs. 5000/- (Rupees Five Thousand only) as Annual Membership Fee and Rs. 2000/- (Rupees Two Thousand only) as Enrolment Fee w.e.f. 1st October of each financial year plus GST @ 18%.

The Fees is to be paid/ remitted online to IBBI and ICAI RVO separately.

50.) What is the registration process to be followed to register as a Registered Valuer?The process of registration as registered valuer is as under:
Step 1: Satisfy yourself that you meet the eligibility requirements prescribed in rule 3 and qualification and experience prescribed in rule 4 of the Rules.

Step 2: Thereafter, seek enrolment as a valuer member of a RVO recognized by the IBBI.

Step 3: As a member of a RVO, complete the educational course recognised by the IBBI.

Step 4: Register and pass the computer based Valuation Examination of the relevant Asset Class conducted by the IBBI. Details of the Valuation Examination are available at IBBI website (www.ibbi.gov.in).

Step 5: Within three years of passing the valuation examination, submit Form A available at the link: https://www.ibbi.gov.in/rvs-register/pre-registration, duly filled in along with the requisite payment. Attach all the relevant documents (self-attested) while filing the form. Please ensure that size of the documents be less than 5 mb.

Step 6: Thereafter, RVO shall verify Form A and other requirements and then submit the Form A along with its recommendation for registration as a valuer to the IBBI.

Step 7: On receipt of Form A along with recommendation of the RVO, the fee and other documents, the IBBI shall process the application for registration in accordance with the Rules.

51.) What is the Process for Filing Form A to be Registered Valuer under the Companies Act 2013?
To become registered valuer under the Companies Act, 2013, you are required to fill the application in prescribed form for registration as a registered valuer under rule 3 of the Companies (Registered Valuers and Valuation Rules) 2017.

In this regard, you may make an application to the authority (IBBI) in Form-A. Kindly follow the following steps while filling Form A to be Registered Valuer.

Click on the Link to fill Form A: http://ibbi.gov.in/webfront/valuers/register.php
It is a three interface process, before uploading the form, kindly go through the details carefully.
a) Personal Details
b) Other Details
c) Attach Documents
3. Where there is a difference in your name in various Certificates enclosed by you, please enclose a Notarised Affidavit along with Form A as one single PDF. Format is given below as Annexure “A”.

For More details visit on this link:- https://icairvo.in/Process-to-fill-Form-A.aspx
52.) What are the conditions and procedure for registration of Partnership Entity/ LLP as Registered Valuer?
Conditions for Registration of a Partnership Entity/ LLP:

1.  The Partnership Entity/ LLP should be constituted with the object of rendering financial services including valuation services.
2.  Three Partners or all the partners of the Partnership Entity/ LLP whichever is lower shall be the Registered Valuers.
3.  At least one of the Partner shall be Registered Valuer for the asset class for the valuation of which the Partnership firm/ LLP seeks to be a Registered Valuer.
4.  The Partnership Entity/ LLP is not undergoing an insolvency resolution nor is an undischarged bankrupt.
5.  All the partners shall be eligible under clauses (c), (d), (e), (f), (g), (h), (i), (j) and (k) of sub rule (1) of Rule 3 of the Companies (Registered Valuers & Valuation) Rules, 2017.

Procedure for Registration:
The Partnership Entity/ LLP which is seeking for registration as Registered Valuer shall become the member of ICAI RVO by following below steps:

Step 1:The Partnership Entity/ LLP shall apply for registration with ICAI RVO in the respective asset class by filling Form-B (at present the Form-B is to be filled manually as it not available online on IBBI website) along with all the attachments. The format of Form B is available in the rules. The Form B along with the attachments given in Annexure –A and covering letter is to be sent to the office of ICAI RVO.

Step 2:The application so received will be reviewed by ICAI RVO and in case of any clarification or further documents required, the same shall be communicated to the applicant in the due course of time.

Step 3:Once all the requirements are fulfilled by the applicant, the payment of following amount is to be made to the ICAI RVO:

• one time enrolment fee of Rs. 25000/- plus GST @ 18% of Rs 4500/- i.e. 29500/-

• Annual Membership Fee of Rs.50000/- plus GST @ 18% of Rs. 9000/- i.e. 59000/- (in case the application is filed w.e.f. Ist October of the Financial Year the annual membership fees would be 25000+ GST @ 18% of Rs 4500/- i.e. 29500/-).

Also, a Demand Draft of Rs.11,800/- (Rs 10000/- plus GST @ 18% of Rs 1800/-) favouring to IBBI as processing fee shall also be sent to ICAI RVO along with the application.

Step 4:The ICAI RVO will then forward the application to the IBBI along with its recommendations for further process.

Step 5:The IBBI will process the application and in case, it requires further clarification/ information/ documents, the same will be communicated to the applicant. The IBBI grants 21-day time to the applicant to remove the deficiencies, if any.

On the submission of clarification/ document/ information to the queries raised by IBBI by the applicant and if the IBBI is satisfied with the same, it will issue the certificate of Registration as Registered Valuer in Form D for the specified class to the applicant Partnership Entity/ LLP.

Annexure-A
List of Documents required along with the application by Partnership Entity/ LLP:

1.  Duly attested copy of
• a) Partnership Deed/ LLP Agreement;
• b) Certificate of Incorporation of the LLP;
• c) Financial Statements/ITRs for the latest three years of the Partnership Entity/ LLP and all the partners;
• d) PAN card of the Partnership Entity/ LLP and all the partners;
• e) Proof of address of the Partnership Entity/ LLP and all the partners;
• f) Documents in support of educational qualifications of all the partners;
• g) Documents in support of professional qualifications and valuation qualifications of all the partners;
• h) BSE marksheet for clearing valuation Examination of the partners;
• i) proof of membership with a Registered Valuer organization of all the partners;
• j) Passport-size photo of all the partners;
• k) Evidence of deposit /payment annual membership fees of Rs 10000/- plus GST @ 1800/- by all the partners to ICAI RVO.
2.  Consent from all the partners applying for the registration with ICAI RVO and authorisation to any Partner for applying on behalf of the Partnership Entity/ LLP.
3.  CA Certified List of all the current Partners of the LLP and their profit -sharing ratio.
4.  Duly executed and notarised Affidavit from the Partnership Entity/ LLP stating that the Partnership Entity/ LLP is not undergoing an insolvency resolution nor is an undischarged bankrupt.

53.) What are the Annual membership Fees of ICAI RVO for each year?
For Individual:
The registered valuer enrolled with ICAI RVO as its members must pay an Annual membership fee Rs. 10,000/- plus GST @ 18% of Rs 1800/- i.e. Rs 11800/- for each Financial year. The same is to be deposited on or before 30th April of the year.

For Partnership Entity/ LLP:
The registered valuer entity enrolled with ICAI RVO as its members must pay an Annual membership fee Rs. 25000/- plus GST @ 18% of Rs 4500/- i.e. Rs 29500/- for each Financial year. The same is applicable only when all the registered valuers are members of ICAI RVO. Otherwise, the fees applicable would be Rs 50000/- plus GST @ 18% of Rs 9000/- i.e. Rs 59000/-.

The above fees is to be deposited on or before 30th April of the year.
54.) How could I know that my filled in Form A have been uploaded correctly?
An auto acknowledgement is being sent to the registered email id submitted in the Form A.

55.) What can happen if Authority refuses to grant Certificate?
If, after considering an application made under Rule 6, the Board is of the prima facie opinion that the registration ought not to be granted, it shall communicate the reasons for forming such an opinion and give the applicant an opportunity of being heard to explain why his application should be accepted, within fifteen days of the receipt of the communication from the IBBI to enable it to form a final opinion.

56.) In what time period Authority shall communicate its decision about its rejection or acceptance of application?
After considering the explanation, if any, given by the applicant under sub-rule (8), the Authority shall communicate its decision to-

• accept the application, along with the certificate of registration, or

• reject the application by an order, giving reasons thereof, within thirty days of receipt of the explanation.

57.) Whether a Registered Valuer can temporary surrender his certificate of registration?
As per Rule 9 of Chapter II of Companies (Registered Valuers and Valuation) Rules, 2017; a Registered Valuer may temporarily surrender his registration certificate of the RVO and on such surrender he must inform the IBBI. The RVO shall inform the authority if any valuer 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.

58.) What is the procedure for transfer of membership from one RVO to another RVO?
Transfer of membership before registration as Valuer with the IBBI
Step 1: A Member willing for transfer his membership from one RVO to another has to apply the RVO-1 where he is already enrolled for the No objection Certificate along with the
a) a transfer fee, as may be specified by RVO-1, which shall not exceed Rs.500/- (ICAI RVO do not charge any such fees);
b) any other amount due from the member to RVO-1, and
c) membership certificate, if any.

Step 2: If the application complies with the requirements against Step 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 Step 1, RVO-1 shall inform the deficiency in the application to the applicant within seven days of receipt of the application.

If no response is received from RVO-1 within seven days of the receipt of application, it shall be deemed that RVO-1 has issued no objection to transfer of membership.

Step 3: 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.However, if member has addressed the deficiency in the application within due course of time 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 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 deemed that RVO-1 has issued no objection to transfer of membership.

Step 4: The Member shall apply to RVO-2 for enrolment in the manner prescribed under the Rules, along with:
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, as issued by RVO-1, within seven days of receipt of no objection. Where no objection is deemed to be issued, the Member shall apply to RVO-2 for enrolment in the manner prescribed under the Rules, along with:

• evidence of submission of application to RVO-1 seeking transfer of membership,

• evidence of addressing deficiency in the application, if any, required by RVO-1,

• evidence of educational course undergone by him under rule 5 of the Rules, and

• an undertaking that he has met all the requirements of transfer of membership of RVO-1.

RVO-2 shall process application for enrolment in accordance with the Rules and shall inform the date of enrolment to RVO-1. The Member shall seize to be a member of RVO-1 from such date of enrolment. The ICAI RVO will not charge any transfer fees in case any member willing to transfer from another RVO to ICAI RVO

Transfer of membership after registration as Registered Valuer (RV) with the IBBI (both Individual and Entity):
Step 1: A RV willing for transfer his/its membership from one RVO to another RVO has to apply the RVO-1 where he/it is already enrolled for the No objection Certificate along with the
a) a transfer fee, as may be specified by RVO-1, which shall not exceed Rs.1000/- (The ICAI RVO do not charge any such transfer fees),

b) any dues from the Member to RVO-1,

c) his/its membership certificate,

d) his registration certificate,

e) his certificate of practice, if any,

f) a statement of assignments as an RV he/it is having on hand under the Rules,

g) a statement that no disciplinary proceeding, if any, initiated by RVO-1 or the Board, is pending against him/it, and

h) a statement of complaints pending against him/it.

Step 2: If the application complies with the requirements against Step 1, RVO-1 shall forward the application to the IBBI 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 receipt of the application.

Or If the application does not comply with the requirements of Step 1, RVO-1 shall inform the deficiency in the application to the applicant within seven days of receipt of the application.

If no response is received from RVO-1 within seven days of the receipt of application, it shall be deemed that RVO-1 has no objection to transfer of membership.

Step 3: 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.

However, if the RV has addressed the deficiency in the application in accordance with the requirement against Step 3, RVO-1 shall forward the application to the IBBI 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 deemed that RVO-1 has issued no objection to transfer of membership.

Step 4: Where no objection is deemed to be issued, the RV shall forward his application to the IBBI for transfer of his/its membership along with:
a) evidence of submission of application to RVO-1 seeking transfer of membership, and

b) evidence of addressing deficiency in the application, if any, required by RVO-1, within the due course of time.

Step 5: The Board may:
a) grant permission to transfer of membership from RVO1 to RVO-2 or

b) refuse permission to transfer of membership along with reasons for refusal, within seven days of receipt of the application or on the views of RVO-1 on transfer of membership to RVO-2, as the case may be.

Step 6: The RV shall apply to RVO-2 for enrolment in the manner prescribed under the Rules, along with the permission issued by the IBBI, within seven days of the receipt of the permission.

Step 7: RVO-2 shall process application for enrolment in accordance with the Rules.

Step 8: 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.

Step 9: Upon receipt of information from RVO-2 as referred above, the IBBI shall update its records, issue fresh Certificate of Registration to RV and confirm the same to RV, RVO-1 and RVO-2.

Disclaimer:
RV shall not take up any new assignment from the date he applies for transfer to RVO-1 till the date he is enrolled as a member by RVO-2.

Miscellaneous
59.) In what circumstances, Authority can issue show cause notice to a valuer?
As per Rule 17 (1) of Chapter IV of Companies (Registered Valuers and Valuation) Rules, 2017; Based on the findings of an inspection or investigation, or on material otherwise available on record, if the Board is of prima facie opinion that sufficient cause exists to cancel or suspend the registration of a valuer, in that case show cause shall be issued to the valuer.

60.) Bye Laws of ICAI Registered Valuers Organisation?
The Bye Laws are available at:-https://icairvo.s3.amazonaws.com/media/documents/Bye_Laws_of_ICAI_RVO.pdf

61.) What is the Code of Conduct for Registered Valuers?
As per Rule 7 (g) and Rule 12 (2) (d) of the Companies (Registered Valuers and Valuation) Rules, 2017, the Registered Valuers are required to follow the Code of Conduct available at:- https://icairvo.in/laws-policies/code-conduct/

62.) Can a Whole time Director be a Registered Valuer?
No.

63.) If I am a Whole time Director in multi consultancy firm approved by the ICAI can become Registered Valuer?
No.

64.) Whether a Director in family- owned company become a Registered Valuer?
No.

65.) Whether a Director not getting salary become a Registered Valuer?
No.

What are the contact detail of ICAI RVO?
66.) What are the contact detail of ICAI RVO?
Secretariat, ICAI Registered Valuers Organisation (ICAI RVO), ICAI Bhawan 2nd Floor, Hostel Block, A- 29, Sector- 62, Noida – 201309,