Amendments to rules of Registered Valuers

ONE SHOULD BE AWARE OF THE RULES CHANGED

1. Amendment in the Companies
(Registered Valuers and Valuation) Rules, 2017
•Ca Manmohan Jindal
•Ex-Canara Bank -Mumbai
•[email protected]
•8850385224
•https://taxguru.in/author/manmohanjindal21_5224/
•https://www.linkedin.com/in/manmohanjindal/
•https://twitter.com/MANMOHANJINDAL2
•https://www.youtube.com/@camanmohanjindal

2. Amendment in the Companies
(Registered Valuers and Valuation) Rules, 2017
The MCA notification dated 21st November 2022

3. •Rule3(2)EligibilityforRegisteredValuers
•(c)allthepartnersordirectors,asthecasemaybe,arenotineligible
underclauses(c),(d),(e),(f),(g),(h),(i),(j)and(k)ofsub-rule(1);

4. •Rule 3(2) Eligibility for Registered Valuers
•New Insertion
•Afterclause(e),clause(f)isinserted
•itisnotamemberofaregisteredvaluersorganisation:Providedthatit
shallnotbeamemberofmorethanonesuchregisteredvaluers
organisationatagivenpointoftime.
•Providedfurtherthatthepartnershipentityorcompany,alreadyregistered
asvaluers,onthedateofcommencementoftheCompanies(Registered
ValuersandValuation)AmendmentRules,2022shallcomplywithinsix
monthsofsuchcommencementwiththeconditionsspecifiedunderthis
clause.

5. •Rule 7A Intimation of changes in personal details etc., by registered
valuersto authority
•Earlier it was not there

6. •New Insertion After Rule 7 , inserted. 7A.
•Aregisteredvaluershallintimatetheauthorityforchangeinpersonal
details,oranymodificationinthecompositionofpartnersor
directors,oranymodificationinanyclauseofthepartnership
agreementorMemorandumofAssociation,whichmayaffect
registrationofregisteredvaluer,afterpayingthespecificfees.

7. •ProvisotoRule8ofCompanies(RegisteredValuersandValuation)
Rules,2017ConductofValuation
•Providedthatuntilthevaluationstandardsarenotifiedormodified
bytheCentralGovernment,avaluershallmakevaluationsasper-
•(a)Internationallyacceptedvaluationstandards;
•(b)Valuationstandardsadoptedbyanyregisteredvaluers
organisation.

8. •Providedthatuntilthevaluationstandardsarenotifiedormodified
bytheCentralGovernment,avaluershallmakevaluationsasper-
•(a)Internationallyacceptedvaluationstandards;
•or
•(b)Valuationstandardsadoptedbyanyregisteredvaluers
organisation.
•Orisadded

9. •Rule14A:Intimationofchangesincompositionofgoverningboard
etc.bytheregisteredvaluersorganisationstotheauthority

10. •New insertion
•Aregisteredvaluersorganisationshallintimatetheauthorityfor
changeincompositionofitsgoverningboard,oritscommitteesor
appellatepanel,orotherdetails,afterpaymentoffee.

11. •Annexure-III,inPartII,inserialNumberXI,inclause26,insubclause
(1),initem(b):SurrenderofMembershipandExpulsionfrom
Membership
•Earlier-NA
•NewInsertionExplanation.-Forremovalofdoubts,itishereby
clarifiedthatamemberfunctioningasawholetimedirectorinthe
companyregisteredasvaluershallnotbetreatedastakingup
employmentforthepurposeofthisprovision.

12. •Annexure-IV,theexistingnoteshallbenumberedasNote1andafter
theNote1,Note2shallbeinserted
•Annexure-IV,theexistingnoteshallbenumberedasNote1

13. •NewInsertionNote2:
•Incaseofassetclassesnamely,the‘plantandmachinery’and‘land
andbuilding’,thecorrespondingrelevantnomenclatureforthe
branchesoftheengineeringandtechnologyofgraduateandpost
graduatecoursesreferredtointhenotificationnumberF.No.
27/RIFD/Pay/01/2017-18,datedthe28thApril,2017,issuedbythe
AllIndiaCouncilforTechnicalEducation,shallalsobeconsidered.

14. •AfterAnnexure-IV:NewAnnexure-Vshallbeinsertedforthefeesto
bechargedforthedifferentservices

15. •Thanks
•CA. Manmohan Jindal
•RV-SFA , Mumbai
•8850385224
•[email protected]