FAQ- Educational Qualifications and Experience stipulated for registration as Registered Valuer
FAQ- Educational Qualifications and Experience stipulated for registration as Registered Valuer:
1. Where are the Educational Qualifications and
Experience stipulated for registration as Registered Valuer?
Ans. Rule 4 of the Companies (Registered Valuers and Valuation) Rules,
2017.
2. What are the educational qualifications and experience required for an individual
applicant?Ans. An individual shall have the following qualifications and experiences
to be eligible for registration:
(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.
3. What does ‘specified discipline’
mean?
Ans. ‘Specified Discipline’ means the specific discipline which is
relevant for valuation of an asset class for which the
registration as a valuer is being sought.
4. Is there a list of qualifying
education and experience for individual asset
classes?
Ans. Yes, an indicative
list of educational qualifications and experience for various asset classes is given in Annexure–IV of the
Companies (Registered Valuers and Valuation) Rules, 2017.
5. What does ‘equivalent’ mean
with respect to educational qualification?
Ans. ‘Equivalent’ shall mean professional and technical qualifications
which are recognised by the Ministry of Human Resources and Development as
equivalent to a professional and technical degree.
6. Will Degree or Diploma obtained
under part-time or distance learning mode or through correspondence qualify as
eligible qualification for seeking registration as valuer?
Ans. For all
asset classes, where the eligibility is being determined based on graduate or post-graduate level degree /diploma,
obtained from a recognised university or equivalent in India
or abroad, such qualification should have been obtained on pursuing a regular
full time course.
7.
Is passing of final examination
of Institution of Surveyors in Valuation Surveying
an eligible educational qualification for seeking registration as valuer for
asset class Land and Building?Ans. Yes, since the same has been recognised by Ministry of Human
Resource Development vide notification no. F. 18-20/83/T.12/T.7/T.13 dated July
11, 1988.
8.
If an applicant has membership of a professional institute established by an Act of
Parliament, enacted for the purpose
of regulation of a profession, has 3 years
prior experience before becoming
member of such institute, will the applicant
be eligible for registration?
Ans. No. 3 years’ experience requirement must be met
after becoming member of such
professional institute.
9.
An applicant is a B.Tech in Civil Engineering and has 10 years of post qualification experience as a Civil
Engineer. Subsequently, the applicant becomes a member of Institute of Chartered Accountants of India (ICAI) in the
year 2018. Can he seek registration for asset
classes (i) Land and Building
and (ii) Securities and Financial Assets
as more than 5 years of experience exists?
Ans. (i) Land and Building: Yes, since more than 5 years of experience in the
specified discipline is established.
(ii) Securities
and Financial Assets: No, since post qualification experience of 3 years in
specified discipline cannot be established.
10.
What are the proofs considered
for establishing eligibility criteria for educational
qualification?
Ans. The following documentary
proofs (as applicable)
are considered for establishing educational eligibility:
(1)
Final Degree Certificate, obtained from an Indian
University or equivalent whether in
India or aborad and / or;
(2)
Certificate of Membership issued by a professional
institute established by an Act of Parliament.
11.
Is provisional Degree
certificate considered for establishing educational eligibility?
Ans. No.
12.
Is Marksheet considered for
establishing educational eligibility?
Ans. No.
13. What documentary proof/s for experience is required?
Ans. The
following Documentary proofs, as applicable, is required:
(a) In case of
employment: Service
Certificate clearly mentioning date of joining, date of relieving and nature of
work undertaken.
(b) In case of Practice:Confirmation
from clients to whom service has been rendered to.
Example:
(1) In case valuation
work has been undertaken for a Bank / FI, a
certificate from the said institution confirming the period for which work was done and
nature of work undertaken (so as to establish experience in specified
discipline).
(2)
In case work was undertaken for Private Companies, a certification from them confirming the work assigned
(so as to establish experience in specified discipline) and date of completion
of work (Work Completion Certificate).
(c) In case of
Members of professional institute established by an Act of Parliament:
(i) Certificate of Membership. Certificate of Practice issued
by the Professional Institute along with a self-
declaration of work carried out by him/her.
NB: In case an individual was partially in employment, such
employment cannot be self-certified and documentary proof/s as stated for
employment must be provided.
14.
Will self-certification of
experience by an applicant, who is not a member of a professional institute, be
considered a proof of experience?
Ans. No.
15.
Will self-certification of
experience by an applicant, who is not a member of a professional institute, be
considered a proof of experience if the same is given on an Affidavit?
Ans. No.
16.
Is there a list of recognised
Indian Universities?
Ans. List of
recognised Indian Universities is listed on the website of University Grants
Commission (UGC). Link to the same (as on December 20, 2018) is as under:
17.
Can a Graduate in Commerce be
registered as a registered valuer for asset class “Land & Building” if he
has been undertaking valuation for the said asset class for more than 5 years?Ans. No. Graduation in commerce will not
satisfy the condition
of specified discipline.
18.
Can a Graduate in Commerce and
Post Graduate in Real Estate Valuation be registered as a registered valuer for
asset class “Land & Building” if, after
post- graduation, the applicant has experience in valuation for the said asset
class for more than 5 years?
Ans. Yes. In this case, post-graduation in real estate
valuation will satisfy
the condition of specified discipline. The condition of mandatory
experience requirement is being satisfied in terms of number of years of
experience in the specified discipline.
19.
Can a Graduate in Commerce and
Post Graduate in Real Estate Valuation be registered as a registered valuer for
asset class “Land & Building” if he has been undertaking valuation for the
said asset class for more than 5 years post completion of Graduation?
Ans. No. In this case, the education eligibility is established from Post-Graduation in
Real Estate Valuation. The experience is with regard to a prior period and not
after completion of the said course.
20.
Can a Master of Commerce with specialisation in Finance be registered as a valuer for asset class “Securities and
Financial Assets” if he has been undertaking valuation for the said asset class
for more than 5 years?
Ans. No. The
applicant should be a Post Graduate in Finance. In the current case, the
applicant is a Post Graduate in Commerce.
21.
Can a Post Graduate
in Real Estate
Valuation be registered as a registered valuer for asset class “Plant & Machinery” if he has been
undertaking valuation for the said asset class for more than 5 years?
Ans. No. Post-graduation in real estate valuation will not satisfy the
condition of specified discipline for
the said asset class.
22.
Can a BE (Mechanical) applicant
be registered as a registered valuer for asset class “Plant & Machinery” if he has been undertaking valuation for the said asset class for more than 3 years?
Ans. No. While the education requirement is being met, the mandatory
experience requirement is not met i.e., minimum 5 years after securing
graduation in the specified discipline.
23.
Can a BE (Electrical) applicant
be registered as a registered valuer for asset
class “Plant & Machinery” if he has been undertaking valuation for the said asset class for more than 5 years prior to
completion of the course?
Ans. No. The minimum
experience in specified discipline must pertain to the period after completion
of the qualifying degree.
24.
Can a B. Arch applicant be
registered as a registered valuer for asset class “Land and Building” if he has been undertaking valuation for
the said asset class for more than 5 years?Ans. Yes. In this case, both
education and minimum
experience in specified
discipline are being met. This is subject to the condition that the
experience pertains to the period after completion of the qualifying education
qualification, in this case B. Arch.
25.
If an applicant holds BE
(Civil) and Post Graduate Degree in Valuation of Plant & Machinery and has
more than 5 years’ experience in valuation of “Land & Building” pursuant to
graduation and 5 years’ experience in valuation of “Plant & Machinery”
pursuant to post graduation, can the applicant be registered as a registered
valuer for both asset class “Land and Building” and “Plant & Machinery”?
Ans. Yes. In this case, the applicant has relevant experience in
respective specified discipline and has acquired the experience after attainment
of respective educational qualification in the specified discipline.
26.
Can a Chartered Accountant with more than 3 years of experience in valuation of financial securities be considered for registration as registered valuer for asset class
“Securities or Financial Assets” if the applicant has not undertaken
Graduation?
Ans. Yes.
27.
Can a Chartered Accountant with more than 3 years of experience in valuation of financial securities be considered for
registration as registered valuer for asset class “Securities or Financial
Assets” if the applicant is a Graduate in Civil Engineering?
Ans. Yes.
28.
Can an individual possessing MBA in any discipline be eligible to seek registration for asset class “Securities
and Financial Assets”?
Ans. Only
applicants with specialisation in Finance will be eligible for registration as valuer.
29.
Can an individual possessing
MBA (Finance) from a foreign university seek registration for asset class
“Securities and Financial Assets”?
Ans. Yes. The
qualifying degree should have been obtained from a recognised Indian University or equivalent whether
in India or abroad.
In case the qualifying degree
has been attained from
abroad, the same should be recognised in India.
30.
Which all foreign universities
and foreign degrees are considered eligible as qualifying educational qualification?
Ans. The Ministry of Human Resource Development (MHRD), Government of
India (GOI) vide their letter No. F.15-17/94-TS IV dated March 13, 1995 issued
a notification that those foreign qualifications which are recognized/equated
by Association of Indian Universities (AIU), are treated as recognized for the
purpose of employment.
Accordingly, an applicant with a foreign
degree must enclose Equivalence Certificate issued by AIU with respect to the
foreign degree based on which registration is being sought. Link to AIU website
is as under: www.aiu.ac.in
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