The government on Friday said that it has notified new rules which mandate valuers under the Companies Act, 2013 to get registered with a specified authority.
The Companies (Registered Valuers and Valuation) Rules, 2017 was issued by the the Ministry of Corporate Affairs with effect from October 18, 2017.
According to the ministry, it has proposed to specify Insolvency and Bankruptcy Board of India (IBBI) as the authority under the new rules and that relevant notification under the Act would be issued separately.
The ministry said that the new rules which have been finalised after public consultation and detailed deliberations with stakeholders call for "Registration of Valuers for conduct of valuation under the Companies Act, 2013".
"The rules provide for registration of different category of valuers and lay down the requirements on their eligibility, qualifications and experience," the ministry said in a statement.
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"The registered valuers are also required to be members of the Registered Valuers Organisations (RVOs)... the eligibility norms for RVOs to be recognised have also been provided in the rules..."
The ministry said that rules provide for a transition period up to March 31, 2018 for registration.
"During this transition period any person who may be rendering valuation services under the Companies Act, 2013 may continue to render such services without getting registered under the rules," the statement added.
--IANS
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