The Central Government amended the Companies Registered valuers and valuation Rules 2017 through the notification number GSR 831(E) published in Official Gazette on 22nd November 2022.
Through this notification have modified a few of the rules/sub-rules, these are listed as follows:
New insertion and substitutions:
- in rule 3 sub-rule (2),-
(i) in clause (c), for the word “ineligible”, the word “eligible” shall be substituted;
(ii) after clause (e), the following clause shall be inserted, namely:-
“(f) it is not a member of a registered valuers organisation:Provided that it shall not be a member of more than one such registered valuer’s organisation at a given point of time: Provided further that the partnership entity or company, already registered as valuers, on the date of commencement of the Companies (Registered Valuers and Valuation) Amendment Rules, 2022, shall comply within six months of such commencement with the conditions specified under this clause.”.
- Rule 7A: Intimation of changes in personal details etc., by the registered valuer to authority. – A registered valuer shall intimate the authority for a change in the personal details, or any modification in the composition of partners or directors, or any modification in any clause of the partnership agreement or Memorandum of Association, which may affect the registration of registered valuer, after paying the fee as per the Table -I in Annexure V.”
- Rule 14A: Intimation of changes in the composition of governing board, etc. by the registered valuer’s organisations to the authority.- A registered valuers organisation shall intimate the authority for a change in the composition of its governing board, or its committees or appellate panel, or other details, after payment of fee as per the Table II in Annexure V.
- In the said rules, in rule 8, in the proviso, in clause (a), for the word, “standards;”, the words, “standards; or” shall be substituted.
- In the said rules, in Annexure-III, in Part II, in serial number XI, relating to SURRENDER OF MEMBERSHIP
AND EXPULSION FROM MEMBERSHIP, in clause 26, in sub-clause (1), in item (b), the following Explanation
shall be inserted, namely:-
“Explanation.- For the removal of doubts, it is hereby clarified that a member functioning as a whole-time director in
the company registered as valuer shall not be treated as taking up employment for the purpose of this provision.”
- In the said rules, in Annexure IV, the existing Note shall be numbered as Note 1 thereof, and after the Note 1, as
so numbered, the following Note shall be inserted, namely:-
“Note 2: In the case of asset classes namely, the „plant and machinery‟ and „land and building‟, the corresponding
relevant nomenclature for the branches of the engineering and technology of graduate and post-graduate courses
referred to in the notification number F. No. 27/RIFD/Pay/01/2017-18, dated the 28th of April 2017, issued by the All
India Council for Technical Education shall also be considered.”.
- Annexure V is inserted for fees related to various changes in the particulars of the Registered Valuer.