Eligibility Criteria for the Valuation Examinatio

Eligibility criteria for Valuer Examination

1. Eligibility Criteria for the Valuation Examination
•Ca Manmohan Jindal
•RV-SFA, 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. Eligibility Criteria for the Valuation Examination
•(1)Apersonshallbeeligibletobearegisteredvaluerifhe-
•(a)isavaluermemberofaregisteredvaluersorganisation;
•Explanation.─Forthepurposesofthisclause,“avaluermember”isa
memberregisteredvaluersorganisationwhopossessestherequisite
educationalqualificationsandexperienceforbeingregisteredasa
valuer;

3. Eligibility Criteria for the Valuation Examination
•(b)isrecommendedbytheregisteredvaluersorganisationofwhich
heisavaluermemberforregistrationasavaluer;
•(c)haspassedthevaluationexaminationunderrule5withinthree
yearsprecedingthedateofmakinganapplicationforregistration
underrule6;

4. Contd…EligibilityCriteriafortheValuationExamination
•(d) possesses the qualifications and experience as specified in rule 4;
•(e) is not a minor;
•(f) has not been declared to be of unsound mind;
•(g) is not an undischarged bankrupt, or has not applied to be
adjudicated as a bankrupt;
•(h) is a person resident in India;

5. •Explanation.─Forthepurposesoftheserules‘personresidentin
India’shallhavethesamemeaningasdefinedinclause(v)ofsection
2oftheForeignExchangeManagementAct,1999(42of1999)asfar
asitisapplicabletoanindividual;
•(i)hasnotbeenconvictedbyanycompetentcourtforanoffence
punishablewithimprisonmentforatermexceedingsixmonthsorfor
anoffenceinvolvingmoralturpitude,andaperiodoffiveyearshas
notelapsedfromthedateofexpiryofthesentence:
•Providedthatifapersonhasbeenconvictedofanyoffenceand
sentencedinrespectthereoftoimprisonmentforaperiodofseven
yearsormore,heshallnotbeeligibletoberegistered;

6. •(j)hasnotbeenleviedapenaltyundersection271JofIncome-tax
Act,1961(43of1961)andtimelimitforfilingappealbefore
CommissionerofIncome-tax(Appeals)orIncome-taxAppellate
Tribunal,asthecasemaybehasexpired,orsuchpenaltyhasbeen
confirmedbyIncome-taxAppellateTribunal,andfiveyearshavenot
elapsedafterlevyofsuchpenalty;and

7. •(k)isafitandproperperson:
•Explanation.─Fordeterminingwhetheranindividualisafitand
properpersonundertheserules,theauthoritymaytakeaccountof
anyrelevantconsideration,includingbutnotlimitedtothefollowing
criteria-(i)integrity,reputationandcharacter,
•(ii)absenceofconvictionsandrestraintorders,and
•(iii)competenceandfinancialsolvency.

8. •(2)Nopartnershipentityorcompanyshallbeeligibletobearegistered
valuerif-
•(a)ithasbeensetupforobjectsotherthanforrenderingprofessionalor
financialservices,includingvaluationservicesandthatinthecaseofa
company,itisasubsidiary,jointventureorassociateofanothercompany
orbodycorporate;
•(b)itisundergoinganinsolvencyresolutionorisanundischarged
bankrupt;
•(c)allthepartnersordirectors,asthecasemaybe,arenot[eligible]under
clauses(c),(d),(e),6(f),(g),(h),(i),(j)and(k)ofsub-rule(1);
•(d)threeorallthepartnersordirectors,whicheverislower,ofthe
partnershipentityorcompany,asthecasemaybe,arenotregistered
valuers;or

9. •(e)noneofitspartnersordirectors,asthecasemaybe,isa
registeredvaluerfortheassetclass,forthevaluationofwhichitseeks
tobearegisteredvaluer.
•(f)itisnotamemberofregisteredvaluersorganisation:
•Providedthatitshallnotbeamemberofmorethanonesuch
registeredvaluersorganisationatagivenpointoftime:
•Providedfurtherthatthepartnershipentityorcompany,already
registeredasvaluers,onthedateofcommencementofthe
Companies(RegisteredValuersandValuation)AmendmentRules,
2022,shallcomplywithinsixmonthsofsuchcommencementwith
theconditionsspecifiedunderthisclause.”.]

10. Qualification and Experience
•Anindividualshallhavethefollowingqualificationsandexperienceto
beeligibleforregistrationunderrule3,namely:-
•(a)post-graduatedegreeorpost-graduatediploma,inthespecified
discipline,fromaUniversityorInstituteestablished,recognisedor
incorporatedbylawinIndiaandatleastthreeyearsofexperiencein
thespecifieddisciplinethereafter;or
•(b)aBachelor’sdegreeorequivalent,inthespecifieddiscipline,from
aUniversityorInstituteestablished,recognisedorincorporatedby
lawinIndiaandatleastfiveyearsofexperienceinthespecified
disciplinethereafter;or

11. Qualification and Experience
•(c)membershipofaprofessionalinstituteestablishedbyanActof
Parliamentenactedforthepurposeofregulationofaprofessionwith
atleastthreeyears’experienceaftersuchmembership8[***].
•Explanation-I.─Forthepurposesofthisclausethe‘specified
discipline’shallmeanthespecificdisciplinewhichisrelevantfor
valuationofanassetclassforwhichtheregistrationasavalueror
recognitionasaregisteredvaluersorganisationissoughtunderthese
rules.
•Explanation-II.─Qualifyingeducationandexperience9[***]for
variousassetclasses,isgiveninanindicativemannerinAnnexure–IV
oftheserules

12. •[ExplanationIII–forthepurposesofthisruleandAnnexureIV,
‘equivalent’shallmeanprofessionalandtechnicalqualifications
whicharerecognizedbytheMinistryofHumanResourcesand
Developmentasequivalenttoprofessionalandtechnicaldegree.]

13. Entire Process in Short
➡Checktheeligibilitycriteriatowritetheexam
➡SeekprimarymembershipwithaRegisteredValuersOrganisation(RVO)
➡Undergoamandatory50-houreducationalcourseconductedbyRVO
➡EnrollforValuationExaminationinspecifiedassetclass
➡ReceiveaPasscertificateafterpassingtheValuationExamination
➡RegistrationasRegisteredValue

14. •Thanks
•Ca Manmohan Jindal
•RV-SFA, Ex-Canara Bank -Mumbai
•[email protected]
•8850385224
Adv. Abhay Jindal
7021113005
[email protected]