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Companies (Registered Valuers and Valuation ) Rules 2017

 
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amibrahim



Joined: 03 Sep 2008
Posts: 335

PostPosted: Sat Jun 17, 2017 9:07 pm    Post subject: Companies (Registered Valuers and Valuation ) Rules 2017 Reply with quote

Draft Companies (Registered Valuers and Valuation) Rules, 2017.

(The Companies Act 2013.).

These Rules shall come into force with effect from 15th July, 2017.

These Rules have currently been hosted by the Ministry of Corporate Affairs on its website http://www.mca.gov.in/Ministry/pdf/Companies_Registered_Valuers_Rules_2017.pdf) for stakeholder comments. The Insolvency and Bankruptcy Board of India (IBBI) would be the registration authority for the valuers. 

FICCI Tamilnadu State Council is orgsnising a  “Roundtable Discussion on the Draft Companies (Registered Valuers and Valuation) Rules, 2017 on 23rd June 2017 (Friday) between 3pm – 5pm at SIDCO Conference Hall, Guindy, Chennai”.; (Courtesy: Email from FICCI-TNSC). The Chairperson, IBBI would preside over the discussions; admission is  limited to 20 delegates;No delegate fee; contact: tnsc@ficci.com.

_________________________________________________________________

__________________________________________________________________

The Companies (Registered Valuers and Valuation) Rules, 2017.

In exercise of the powers conferred by section 247 read with sections 458 and 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the COMPANIES (REGISTERED VALUERS AND VALUATION) RULES 2017, by which IBBI (The Insolvency and Bankruptcy Board of India) shall be the Central Government approved Registered Valuers Registration Authority, instead of CBDT/Income tax Department with effect from July 15, 2017. 

 

 




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amibrahim



Joined: 03 Sep 2008
Posts: 335

PostPosted: Mon Oct 23, 2017 7:12 pm    Post subject: Registration with IBBI Reply with quote

The Companies (Registered Valuers and Valuation) Rules, 2017.

In exercise of the powers conferred by section 247 read with sections 458 and 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the COMPANIES (REGISTERED VALUERS AND VALUATION) RULES 2017, by which IBBI (The Insolvency and Bankruptcy Board of India) shall be the Central Government approved Registered Valuers Registration Authority, instead of CBDT/Income tax Department with effect from 18th October 2017 instead of July 15, 2017.

 

 




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Last edited by amibrahim on Wed Oct 25, 2017 8:28 am; edited 3 times in total
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amibrahim



Joined: 03 Sep 2008
Posts: 335

PostPosted: Tue Oct 24, 2017 8:26 am    Post subject: Registered Valuers under IBBI Regime Reply with quote

ELIGIBILITY, QUALIFICATIONS AND REGISTRATION OF VALUERS

Rule 3. Eligibility for registered valuers. (1) A person shall be eligible to be a registered valuer if he:

(a) 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;

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

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

(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;

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;

(i) 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;

(j) 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 (k) is a fit and proper person:

(j) 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
(k) 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-

(i) integrity, reputation and character,

(ii) absence of convictions and restraint orders, and

(iii) competence and financial solvency. 

(2) No partnership entity or company shall be eligible to be a registered valuer if:

(a) 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;

(b) it is undergoing an insolvency resolution or is an undischarged bankrupt;

(c) 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);i.e coloured supra

(d) 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

(e) 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. 

Rule 4. Qualifications and experience.An individual shall have the following qualifications

and experience to be eligible for registration under rule 3, namely:-

(a) post-graduate degree or post-graduate diploma, in the specified discipline, from a University or Institute established, recognised or incorporated by law in India and at least three years of experience in the specified discipline thereafter; or

(b) a Bachelor’s degree or equivalent, in the specified discipline, from a University or Institute established, recognised or incorporated by law in India and at least five years of experience in the specified discipline thereafter; or

(c) membership of a professional institute established by an Act of Parliament enacted for the purpose of regulation of a profession with at least three years’ experience after such membership and having qualification mentioned at clause (a) or (b). 

Explanation-I.For the purposes of this clause the ‘specified discipline’ shall mean the specific discipline which is relevant for valuation of an asset class for which the registration as a valuer or recognition as a registered valuers organisation is sought under these rules. Explanation-II.─ Qualifying education and experience and examination or training for various asset classes, is given in an indicative manner in Annexure–IV of these rules.

 Courtesy:   http://www.ibbi.gov.in/Organization_Chart.pdf                                                                          Compiled by A M Ibrahim

 

 




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amibrahim



Joined: 03 Sep 2008
Posts: 335

PostPosted: Thu Dec 07, 2017 8:39 pm    Post subject: Valuation Examination Service Provider Reply with quote

Attached is recent  IBBI tender Invitation for Valuation Examination Service Provider

  

--------- Request for Proposal for administration of Online Valuation Examination

 Closing date & time: 14.12.2017 at 1400 Hrs.

RFP No: IBBI/ESTT./TENDER VALUATION EXAM/77 Dated : 06.12.2017

SECTION V

SCOPE OF WORK

1.1 IBBI intends to select a bidder to implement a computer based examination system at various locations across India.

1.2 Bidder has to develop an online portal for candidate registration. All candidates are required to register on online portal. After successful registration, candidates will apply for enrolment based on availability at available centre. At the time of enrolment bidder shall collect a fee as decided by IBBI from time-to-time from candidates. Bidder shall not collect any other fee from candidates.

1.3 The selected bidder shall be responsible for:

i) Identification and Preparation of test centres across India.

ii) Preparation of database of question bank on the basis of questions provided by IBBI in mutually agreed format.

iii) Verification of candidates for impersonation

iv)Recording of each exam lab.

v) Conduct the computer based examinations

vi) Setting up of Help Desk

vii) Post Exam Services

2. Identification and Preparation of test centres across India:

2.1 The selected bidder shall be responsible for identification, preparation and manage the test centres as per the guidelines of IBBI. Some key responsibilities of selected bidder are as under:

2.2 The examination will be conducted nationwide in multiple shifts per day for a duration of 2 hours each.

2.3 The examination will be held daily (minimum 300 days a year at minimum 30 centres across India)

2.4 The Vendor will provide demo question paper for Mock test for relevant Exam 15 days before commencement of examination. The mock test should be on the template of main exam to be conducted.

3. Infrastructure & facilities at test centres:

3.1 Bidder shall be responsible to provide complete Infrastructure including hardware, software & networking etc., including:

a) Preparation of examination centre with hardware, software, server, internet and LAN connectivity etc.

b) The hardware, software provided should match with the test application requirements.

c) Fool proof data security and data transfer, right to access to data base server should not be with anyone locally at exam centre.

d) Bidder shall provide manuals for secured conduct of examination and exception handling/emergency procedures.

e) Detailed Audit of infrastructure such as Desktop/LAN/Basic Amenities etc.

f) Provisions for data backup and disaster recovery.

g) Ensuring that all the terminals and the Servers including backups would be Virus free.

h) The bidder would ensure proper gate management.

j) The bidder would ensure that each candidate is frisked before entry to the examination hall and no electronic device or gadget is taken inside the hall. The bidder would be fully responsible for any consequences including costs if any, arising out of the same. Bidder shall ensure proper proctoring of examination hall

k) Exam Desk should be partitioned such a way that the computer screen of one candidate is not visible to others.

3.2. For checking impersonation, the Vendor will have to display candidates’ personal details such as Roll No. & Name including photo on the screen of the terminal during the exam period.

3.3 IBBI may appoint its invigilators/observers to any test centres along with the bidder’s supervisors/staff, and such invigilators/observers have to be full details available at the examination centre.

3.4 In addition, the work would also include the following:

3.4.1 Filling up of forms such as attendance sheet with the Left thumb impression and the signature of the candidate.

3.4.2 All personnel associated with the exam will have to certify that none of their near relation is appearing in the said examination in the next 1 year.

3.4.3 Computer (terminal) with adequate and appropriate configuration.

3.4.4 The Test centres should have basic facilities e.g. tables, chairs, adequate supply of drinking water, toilets etc.

3.4.5 During the test, access to all possible web resources for browsing, chatting etc. should be blocked from the computers of the candidate as well as any other computer peripherals such as printers. Functions like Copy–Paste should also be disabled.

3.4.6 Proper security at the examination centres   ------------

For further detail, Please Refer attachment

A.M. Ibrahim




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