ELIGIBILITY FOR REGISTRATION AS VALUERS

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Indicative Matrix on Requisite Qualifications / Experience in Specified Discipline
(See Explanation II to Rule 4 )

1. A person shall be eligible to be a registered valuer if he/she-
   1. 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;
   2. Is recommended by the registered valuers organisation of which he is a valuer member for registration as a valuer;
   3. Has passed the valuation examination under rule 5 within three years preceding the date of making an application for registration under rule 6;
   4. Possesses the qualifications and experience as specified in rule 4;
   5. Is not a minor;
   6. Has not been declared to be of unsound mind;
   7. Is not an undischarged bankrupt, or has not applied to be adjudicated as a bankrupt;
   8. 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;
   9. 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;
   10. 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
   11. 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-
       1. Integrity, reputation and character,
       2. Absence of convictions and restraint orders, and
       3. Competence and financial solvency.
2. No partnership entity or company shall be eligible to be a registered valuer if-
   1. 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;
   2. It is undergoing an insolvency resolution or is an undischarged bankrupt;
   3. 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);
   4. 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
   5. 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:

1. 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
2. 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
3. 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 .
   
   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 for various asset classes, is given in Annexure-IV of the rules.