{"id":164584,"date":"2017-10-21T11:07:36","date_gmt":"2017-10-21T05:37:36","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=164584"},"modified":"2017-10-21T11:07:36","modified_gmt":"2017-10-21T05:37:36","slug":"s-247-companies-act-2013-relating-valuation-registered-valuers-commence-18-10-2017","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2017\/10\/21\/s-247-companies-act-2013-relating-valuation-registered-valuers-commence-18-10-2017\/","title":{"rendered":"S. 247 of Companies Act, 2013 relating to Valuation by Registered Valuers to commence from 18.10.2017"},"content":{"rendered":"<p style=\"text-align: justify;\">The Ministry of Corporate Affairs has issued Notification for commencement of Section 247 of the Companies Act, 2013 [Valuation by Registered Valuers] with effect from 18<sup>th<\/sup>\u00a0October, 2017. The Companies (Registered Valuers and Valuation) Rules, 2017 (Rules), which have been finalized after public consultation and detailed deliberations with stakeholders have also been issued simultaneously.<\/p>\n<p style=\"text-align: justify;\">The Rules, inter alia, provide for Registration of Valuers for conduct of valuation under the Companies Act, 2013. The valuers, who may be individuals or partnership entities or companies, would be required to be registered with the authority specified by the Central Government. The Rules provide for registration of different category of valuers and lay down the requirements on their eligibility, qualifications and experience. The Registered Valuers are also required to be members of the Registered Valuers Organisations (RVOs), recognised by the authority under the Rules.\u00a0 The eligibility norms for RVOs to be recognised have also been provided in the Rules which, inter alia, include for an internal governance structure which should provide for enforcement of a code of conduct on the registered valuers, training and conduct of educational courses for the valuation of specific asset classes for which the RVO concerned is recognised.<\/p>\n<p style=\"text-align: justify;\">The Rules also lay down the mechanism to prescribe valuation standards and syllabus for conduct of valuation education courses as well as specify the requirements with regard to the contents of the valuation report.<\/p>\n<p style=\"text-align: justify;\">The Rules provide for a transition period upto 31<sup>st<\/sup>\u00a0March, 2018 for registration of valuers with the authority keeping in view the period which would be required by the valuers organisations and the valuers to fulfil the requirements under the law. 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.<\/p>\n<p style=\"text-align: justify;\">The role and powers of the authority with regard to registration\/recognition and ancillary matters have been provided in the Rules. It is proposed to specify Insolvency and Bankruptcy Board of India (IBBI) as the authority under the Rules. The relevant notification under section 458 of the Act in this regard is being issued separately.<\/p>\n<p style=\"text-align: justify;\">The commencement notification and the Rules referred to are also placed on the Ministry\u2019s website at\u00a0<span style=\"color: #000000;\"><a href=\"http:\/\/www.mca.gov.in\/\">www.mca.gov.in<\/a><\/span><\/p>\n<p style=\"text-align: right;\">Ministry of Corporate Affairs<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ministry of Corporate Affairs has issued Notification for commencement of Section 247 of the Companies Act, 2013 [Valuation by Registered Valuers] <\/p>\n","protected":false},"author":91,"featured_media":28141,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[],"class_list":["post-164584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>S. 247 of Companies Act, 2013 relating to Valuation by Registered Valuers to commence from 18.10.2017 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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of Valuation Services without a Certificate of Registration under the Companies (Registered Valuers and Valuation) Rules, 2017 till 30-9- 2018","author":"Saba","date":"April 3, 2018","format":false,"excerpt":"In exercise of the powers conferred by Section 247 read with Sections 458, 459 and 469 of the Companies Act, 2013 (18 of 2013), the Central Government, vide Gazette Notification dated 18th October, 2017, published the Companies (Registered Valuers and Valuation) Rules, 2017 (hereafter \u2018Rules\u2019). Rule 11 of the Rules\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":194886,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/04\/05\/process-for-registration-as-registered-valuer-with-ibbi-under-the-companies-registered-valuers-and-valuation-rules-2017\/","url_meta":{"origin":164584,"position":1},"title":"Process for registration as Registered Valuer with IBBI under the Companies (Registered Valuers and Valuation) Rules, 2017","author":"Saba","date":"April 5, 2018","format":false,"excerpt":"With an objective to familiarise the eligible and desirous individuals and entities with the process of registration as a valuer with the Insolvency and Bankruptcy Board (IBBI) , the IBBI today released the process required. The process of registration as registered valuer with the IBBI is as under: A. For\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":179684,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/01\/02\/ibbi-publishes-syllabus-format-frequency-examinations-valuers-1st-april-2018-registered-valuers-can-conduct-valuations\/","url_meta":{"origin":164584,"position":2},"title":"IBBI publishes syllabus, format and frequency of examinations for \u201cvaluers\u201d; from 1st\u00a0April 2018, only registered \u201cvaluers\u201d can conduct valuations","author":"Saba","date":"January 2, 2018","format":false,"excerpt":"The Insolvency and Bankruptcy Board of India has published the syllabus, format and frequency of the valuation examination for the three asset classes of \u201csecurities or financial assets\u201d, \u201cland and building\u201d and \u201cplant and machinery\u201d. A person seeking to become a \u201cvaluer\u201d requires to clear valuation examination in the respective\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":178824,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/28\/ibbi-grants-recognition-2-registered-valuers-organisations\/","url_meta":{"origin":164584,"position":3},"title":"IBBI grants recognition to 2 registered valuers organisations","author":"Saba","date":"December 28, 2017","format":false,"excerpt":"In pursuance to the Companies (Registered Valuers and Valuation) Rules, 2017, the Insolvency and Bankruptcy Board of India (IBBI) has recognised two registered valuers organisations. The Institution of Estate Managers and Appraisers will handle one asset class of \u201cland and building\u201d while the IOV Registered Valuers Foundation will handle three\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=525%2C300&ssl=1 1.5x, 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of:-\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=1050%2C600&ssl=1 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