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Frequently Asked Questions (FAQs)

ICAI Registered Valuers Organization (RVO)

About ICAI Registered Valuers Organisation

1. What is ICAI Registered Valuers Organization (RVO)

The ICAI Registered Valuers Organization (RVO) is a Section 8 Company formed by the

Institute of Chartered Accountants of India (ICAI) to enroll and regulate registered valuers

as its members in accordance with the Companies (Registered Valuers and Valuation)

Rules, 2017 and matters incidental thereto.

2. Who has recognized ICAI Registered Valuers Organization (RVO) and for which

class?

ICAI Registered Valuers Organization (RVO) has been recognized by the Insolvency and

Bankruptcy Board of India (IBBI) for the Asset Class “Securities or Financial Assets”.

3. What is the objective of the ICAI Registered Valuers Organization (RVO)?

The primary objective of the Company is to enroll, educate and train members to enable

them to carry out activities for the effective valuation procedures and methods, develop

the profession of Registered Valuers, promote continuous professional development of

valuation professionals, establish and promote high standards of practice and professional

conduct.

Compliance with Valuation Standards

4. Whether a Valuer is required to comply with valuation standards while

conducting a valuation?

As per Rule 8 of Companies (Registered Valuers and Valuation) Rules, 2017, the

registered valuer shall, while conducting a valuation, comply with the valuation standards

as notified or modified under rule 18:

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Provided that until the valuation standards are notified or modified by the Central

Government, a valuer shall make valuations as per-

(a) internationally accepted valuation standards;

(b) valuation standards adopted by any registered valuers organisation.

5. Whether there are any Indian Valuation Standards available?

Yes, the Valuation Standards issued by the Institute of Chartered Accountants of India.

6. Whether ICAI Registered Valuers Organisation has adopted any Valuation

Standards available?

Yes, the Valuation Standards issued by the Institute of Chartered Accountants of India

have been adopted by the ICAI RVO.

7. Whether a valuer is required to comply with the Valuation Standards adopted

and issued by ICAI RVO?

Yes as per Rule 8 of Companies (Registered Valuers and Valuation) Rules, 2017, the

registered valuer shall, while conducting a valuation, comply with the valuation standards

as notified or modified under rule 18 of the said Rules.

Eligibility to register as a Registered Valuer

8. What is the qualifications and experience required to register as a Registered

Valuer for financial securities class?

An individual shall have the following qualifications and experience to be eligible for

registration under rule 4, namely:-

i. Graduate and

ii. Chartered Accountant, Cost Accountant, Company Secretary, MBA/ PGDBM in Finance

and an individual having post graduate degree in finance and

iii. Having at least three years’ experience after possessing qualification as mentioned in

(ii) above.

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9. Who are not eligible to be a Registered Valuer?

I. A person shall be eligible to be registered valuer, if

i. 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;

ii. is recommended by the registered valuers organisation of which he is a valuer

member for registration as a valuer;

iii. has passed the valuation examination under rule 5 within three years preceding the

date of making an application for registration under rule 6;

iv. possesses the qualifications and experience as specified in rule 4;

v. is not a minor;

vi. has not been declared to be of unsound mind;

vii. is not an undischarged bankrupt, or has not applied to be adjudicated as a bankrupt;

viii. 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;

ix. 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;

x. 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

xi. is a fit and proper person:

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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-

(a) integrity, reputation and character,

(b) absence of convictions and restraint orders, and

(c) competence and financial solvency.

II. No partnership entity or company shall be eligible to be a registered valuer if:

i. 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;

ii. it is undergoing an insolvency resolution or is an undischarged bankrupt;

iii. 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);

iv. 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

v. 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.

10. What are the other requirements to register as a registered valuer?

Subject to meeting other requirements, an individual is eligible to be a registered valuer, if

he

(i) is a fit and proper person,

(ii) has the necessary qualification and experience,

(iii) is a valuer member of a RVO,

(iv) has completed a recognised educational course as member of a RVO,

(v) has passed the valuation examination conducted by the IBBI, and

(vi) is recommended by the RVO for registration as a valuer.

11. I am a graduate with 5 years experience. Whether I am eligible to register

under ICAI Registered Valuers Organization (RVO)?

No.

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12. I am an MBA specialised in Finance with 2 years and 11 months experience.

Whether I am eligible to register in ICAI Registered Valuers Organization

(RVO)?

You are eligible to do Primary Registration only after possessing 3 years of experience in

the discipline after completing post graduation.

13. I am a graduate and MBA specialised in Finance having 4 years of post

qualification experience. Whether I am eligible to register under ICAI

Registered Valuers Organization (RVO)?

Yes.

14. I am a graduate and MBA specialised in Marketing having 6 years experience.

Whether I am eligible to register under ICAI Registered Valuers Organization

(RVO)?

No.

15. I am a graduate and CA having 3 years experience. Whether I am eligible to

register under ICAI Registered Valuers Organization (RVO)?

Yes.

16. I am a Chartered Accountant having 6 years experience. Whether I am eligible

to register in ICAI Registered Valuers Organization (RVO)?

Yes only if you are a graduate.

17. Whether I need to enroll as a member of RVO before undertaking Educational

Course?

Yes

Primary membership and Educational Course 18. Whether an individual possessing qualification and experience as per Rule 4 is

required to register with RVO?

Yes, an individual shall enroll with the RVO as a primary member.

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19. How many hours of Educational Course is mandatory?

50 hours Educational Course is mandatory.

20. Whether it is mandatory to undertake Educational Course by an RVO?

Yes as per Rule 5 (1) of the Companies (Registered Valuers and Valuation) Rule, 2017, it

is mandatory to undertake Educational Course in the specified class.

21. What is the process to be followed to become a Valuer member?

An individual has to first enroll as a valuer member with Registered Valuers Organisation

and complete 50 hours Educational Course conducted by the RVO.

On completion of the Course and receiving a certificate of participation, the valuer

member has to clear examination conducted by IBBI.

After clearing examination, valuer member to enroll with RVO and to make an application

to the Authority in Form A of the Annexure II of the Companies (Registered Valuers and

Valuation) Rules, 2017.

22. What is the registration process to be followed to get primary membership and

Educational Course?

i. For Primary Membership

Download the ICAI RVO Primary Enrolment Form available at www.icairvo.in

Send the Filled in Enrolment Form along with the relevant self-attested documents to

ICAI Registered Valuers Organisation (ICAI RVO) alongwith a registration Fee Rs.

5,000 /- plus GST @18%= Rs 5900/-

Payment to be made through Demand Draft/ Multi city cheque to be drawn in favour of

“ICAI Registered Valuers Organisation” payable at New Delhi

ii. For Educational Course

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Enclose Copy of Primary Registration Form (Only Primary members are eligible)

Send the Filled in Enrolment Form along with the relevant self-attested documents to

ICAI Registered Valuers Organisation (ICAI RVO) alongwith a registration Fee Rs.

25,000 /- plus GST @18%= Rs. 29500/-

The Fees for members who have participated/passed the Certificate Course on

Valuation conducted by ICAI will be as follows:

Primary membership fee is Rs 5000 plus 18% GST = Rs 5900/-

Educational course Fee is Rs 20000 plus 18% GST = Rs 23600/-

Payment to be made through Demand Draft/ Multi city cheque to be drawn in favour of “ICAI

Registered Valuers Organisation” payable at New Delhi.

Examination to be a Valuer

23. What is Valuation Examination?

Valuation Examination is conducted to test the knowledge, practical skills and ethics

of individuals in respect of valuation.

A person, who passes the Valuation Examination, shall receive acknowledgement of

passing the examination.

A person may appear for the Valuation Examination any number of times.

24. Where I can get the detailed syllabus for the educational course of ICAI

Registered Valuers Organisation?

For detailed syllabus for the educational course of ICAI Registered Valuers Organisation

please visit: https://www.icairvo.in/syllabus/

25. Where I can get the details of IBBI Valuation Examination for Asset Class-

Securities or Financial Assets?

For the details of IBBI Valuation Examination for Asset Class-Securities or Financial Assets,

please visit: https://www.icairvo.in/syllabus/

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26. How can I take the IBBI - Valuation Examination?

You need to go through three stages for taking the examination and follow instructions

given on the screen at every stage:

Stage I:

Please visit http://ibbi.gov.in/ValuationExamination.html; click on the relevant asset class,

and Click on ‘Register/Enrol for Exam’ button. You will be taken to “Candidate registration

form”. Please provide your email address and identity details, set a password, upload your

photograph and scan copies of documents and then submit the form online. This is a one-

time registration. Hereafter, you can access the examination system with your user id

which is your email address and the password you have set at the time of registration.

You can change the password whenever you like.

Stage II:

You decide when you would like to take the examination. Then visit

http://ibbi.gov.in/ValuationExamination.html; to enrol yourself for the examination. You

need to select ‘IBBI-Valuation Examination’, click on the relevant asset class, Click on

“Register/Enrol Online” link and access the system with user ID created in Stage I to

choose the time and the day when you would like to take the examination and also

choose the examination centre from where you would like to take the examination. After

selecting time, day and centre, please pay examination fee of Rs.1500 online by using

Credit Card / Debit Card / Net Banking. Thereafter, you can download your Admit Card for

the examination.

Stage III:

Please carry your Printout of Admit Card, original PAN Card/Aadhar Card/Passport and

arrive 30 minutes before the scheduled time at the examination centre. Please note that

without the Admit Card and the Original Photo Identity proof (mentioned above),

candidate/s shall not be permitted to appear for the Examination.

If you do not submit the answer paper earlier, the paper will be auto submitted by the

system on expiry of two hours. Immediately on submission of the answer paper or expiry

of two hours, whichever is earlier, a temporary mark sheet would be displayed on the

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computer screen indicating the marks you have scored in the examination. If you score 60

marks or above, you would be declared successful in the examination. In that case, you

would be issued a pass certificate by the IBBI within 30 days of the examination. You

would be eligible to apply for registration as a Registered Valuer with the temporary mark

sheet and you need not wait to get the pass certificate from the IBBI.

If you do not pass the examination and wish to take the examination again, you need to

repeat stage II and stage III, as many times as you wish.

27. Is this examination mandated under any law and for what purpose?

This examination is mandated under Section 247 read with Sections 458 and 469 of the

Companies Act, 2013 (18 of 2013). It is one of the mandatory conditions for registration

as a Registered Valuer with Insolvency and Bankruptcy Board of India (IBBI).

28. What is the fee payable for the examination?

You need to pay a fee of Rs.1500 (Rupees One Thousand and Five Hundred only) with

every enrolment. You need to pay the fee online by using Credit Card / Debit Card / Net

Banking.

29. What is the structure of the question paper?

The Valuation Examination is conducted for 3 asset classes namely Financial Assets or

Securities, Land and Building, and Plant and Machinery. Individuals appearing for

Financial Assets or Securities category will get 93 questions to answer, out of which 86

questions will be of 1 mark each and 7 questions of 2 marks each. You need to answer

these questions in 2 hours as per the category you appear for. You need to select correct

answer among these and a correct answer gives you the marks assigned to the question.

A wrong answer attracts a negative mark of 25% of the marks assigned to the question.

You need to score 60% to pass the examination.

30. Can I have an idea of the structure of the question paper before the

examination?

A sample question paper is available at http://ibbi.gov.in/ValuationExamination.html

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31. When is the examination held?

To check the availability of date and time at the examination centre of your choice, please

visit http://ibbi.gov.in/ValuationExamination.html

32. How many times I can take the examination?

You can appear for the examination any number of times till you clear the exam.

However, you have to enroll yourself afresh and pay the examination fee for each

enrolment.

33. How do I prepare for the examination?

The examination is based on the syllabus notified by the IBBI on its website. Please visit

http://ibbi.gov.in/ValuationExamination.html; and click on the relevant asset class to find

out syllabus.

34. Can I refer books or other material during the examination?

No. It is not an open book examination.

35. When will I receive the pass certificate?

On submission of the answer paper, you would see your score on the computer screen.

You would be issued a pass certificate, if you have secured 60 marks or above, by the

IBBI within 30 days of the examination.

36. Who should I contact for any clarification about the examination?

You may send an e-mail at certhelp@bseindia.com; or at valuation-exam@ibbi.gov.in

37. How long is the certificate valid?

The certificate is valid for three year from the date of passing the examination.

Registration Certificate

38. What are the conditions to grant certificate of registration to a Valuer to carry

on the activities of a registered valuer?

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Certificate of registration is granted by the IBBI in Form C of Annexure II of Companies

(Registered Valuers and Valuation) Rules, 2017. The conditions for issuing a Certificate of

Registration to Valuer are as follows:

At all times possess the eligibility and qualification and experience criteria as specified

under rule 3 and rule 4;

At all times comply with the provisions of the Act , these rules and the Bye-laws or

internal regulations, as the case may be, of the organisation;

Shall not render in his capacity as a registered valuer, not conduct valuation of the

assets or class(es) of assets other than for which he/it has been registered by the

authority;

He should take prior permission of the authority for shifting his/ its membership from

one registered valuers organisation to another;

He should take adequate steps for redressal of grievances;

shall maintain records of each assignment undertaken by him for at least three years

from the completion of such assignment;

He should comply with the Code of Conduct (available at the link:

https://www.icairvo.in/model-code-of-conduct-for-registered-valuers/ ) of the ICAI RVO;

He should comply with such other conditions as may be imposed by the authority.

39. Who will issue the registration certificate?

The registration certificate as a valuer to carry out activities of a registered valuer.

Registration Process & Fees

40. How much fees to be paid for registration as a valuer?

The applicant has to pay the non-refundable application fees as follows:

Fees of Insolvency and Bankruptcy Board of India (IBBI) - Rs. 5,000/- (Five Thousand

only) plus GST @ 18%.

Fees to ICAI Registered Valuers Organisation (ICAI RVO):-

Rs. 10,000/- (Rupees Ten Thousand only) as Annual membership fee and Rs.

2000/- (Rupees Two Thousand only) as Enrolment Fee plus GST @ 18%.

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Fees is charged half i.e. Rs. 5000/- (Rupees Five Thousand only) as Annual

Membership Fee and Rs. 1000/- (Rupees One Thousand only) as Enrolment Fee

w.e.f. 1st October of each financial year plus GST @ 18%.

The Fees is to be made online to IBBI and ICAI RVO separately.

41. What is the registration process to be followed to register as a Registered

Valuer?

The process of registration as registered valuer is as under:

Step 1: Satisfy yourself that you meet the eligibility requirements prescribed in rule 3 and

qualification and experience prescribed in rule 4 of the Rules.

Step 2: Thereafter, seek enrolment as a valuer member of a RVO recognized by the IBBI.

Step 3: As a member of a RVO, complete the educational course recognised by the IBBI.

Step 4: Register and pass the computer based Valuation Examination of the relevant

Asset Class conducted by the IBBI. Details of the Valuation Examination are available at

IBBI website (www.ibbi.gov.in).

Step 5: Within three years of passing the valuation examination, submit Form A available

at the link: https://www.icairvo.in/preliminary-registration-form/, duly filled in along with

the requisite payment. Attach all the relevant documents (self-attested) while filing the

form. Please ensure that size of the documents be less than 1 mb.

Step 6: Thereafter, RVO shall verify Form A and other requirements and then submit the

Form A along with its recommendation for registration as a valuer to the IBBI.

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Step 7: On receipt of Form A along with recommendation of the RVO, the fee and other

documents, the IBBI shall process the application for registration in accordance with the

Rules.

42. What is the Annual membership Fees of ICAI RVO?

Members enrolled with ICAI RVO have to pay an Annual membership fee Rs. 10,000/-

(Rupees Ten Thousand only) plus applicable taxes for each Financial Year (to be paid

before 30th April of Every Year)

43. How could I know that my filled in Form A have been uploaded correctly?

An auto acknowledgement is being sent to the registered email id submitted in the

form. You can check your filled in details from there.

44. What can happen if Authority reuses to grant Certificate?

If, after considering an application made under Rule 6, the Board is of the prima facie

opinion that the registration ought not be granted, it shall communicate the reasons for

forming such an opinion and give the applicant an opportunity to explain why his

application should be accepted, within fifteen days of the receipt of the communication

from the Authority, to enable it to form a final opinion.

45. In what time period Authority shall communicate its decision about its

rejection or acceptance of application?

After considering the explanation, if any, given by the applicant under sub-rule (8), the

Authority shall communicate its decision to-

(a) accept the application, along with the certificate of registration, or

(b) reject the application by an order, giving reasons thereof, within thirty days of receipt

of the explanation.

46. Whether a Registered Valuer can temporary surrender his certificate of

registration?

As per Rule 9 of Chapter II of Companies (Registered Valuers and Valuation) Rules, 2017;

a Registered Valuer can temporary surrender his certificate of registration. In this case,

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Registered Vauers Organisation shall inform the Authority if any of its valuer member has

temporarily surrendered his certificate of membership after temporary surrender not later

than seven days from approval of the application for temporary surrender.

Miscellaneous

47. In what circumstances, Authority can issue show cause notice to a valuer?

As per Rule 17 (1) of Chapter IV of Companies (Registered Valuers and Valuation) Rules,

2017; Based on the findings of an inspection or investigation, or on material otherwise

available on record, if the Board is of prima facie opinion that sufficient cause exists, in

that case show cause shall be issued to the valuer.

48. Bye Laws of ICAI Registered Valuers Organisation?

The Bye Laws are available at www.icairvo.in

49. What is the Code of Conduct for Registered Valuers?

As per Rule 7 (g) and Rule 12 (2) (d) of the Companies (Registered Valuers and

Valuation) Rules, 2017, the Registered Valuers are required to follow the Code of Conduct

available at: https://www.icairvo.in/model-code-of-conduct-for-registered-valuers/

Contact Details of ICAI RVO

50. What is the contact detail of ICAI RVO?

Secretariat, ICAI Registered Valuers Organisation (ICAI RVO), 3rd Floor, Hostel Block, A-

29, Sector- 62, Noida – 201309, Phone: +91 120 3876867, Email: rvocourse@icai.in. For

any other details please visit: www.icairvo.in