A person shall be eligible to be a registered valuer if he-
is a valuer member of a registered valuers organisation;
Explanation.─ For the purposes of this clause, "a valuer member" is a member
registered valuers organisation who possesses the requisite educational qualifications
and experience for being registered as a valuer;
is recommended by the registered valuers organisation of which he is a valuer member
for registration as a valuer;
has passed the valuation examination under rule 5 within three years preceding the
date of making an application for registration under rule 6;
possesses the qualifications and experience as specified in rule 4;
is not a minor;
has not been declared to be of unsound mind;
is not an undischarged bankrupt, or has not applied to be adjudicated as a bankrupt;
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;
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;
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
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-
integrity, reputation and character,
absence of convictions and restraint orders, and
competence and financial solvency.
No partnership entity or company shall be eligible to be a registered valuer if-
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;
it is undergoing an insolvency resolution or is an undischarged bankrupt;
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);
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
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.
Qualifications and experience.
─ An individual shall have the following qualifications and
experience to be eligible for registration under rule 3, namely:-
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
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
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.