Individuals, partnership entities and companies rendering valuation services under the Companies Act have to be registered with the Insolvency and Bankruptcy Board of India (IBBI) by March 31, 2018, the corporate affairs ministry said. Registered Valuers are also required to be members of the Registered Valuers Organisations recognised by the IBBI, it said in a statement on Friday.
“The Rules [The Companies (Registered Valuers and Valuation) Rules, 2017] provide for a transition period up to March 31, 2018 for registration of valuers with the authority... During this transition period, any person who may be rendering valuation services... may continue to render such services without getting registered under the Rules,” it said.
The role and powers of the authority with regard to registration, recognition and ancillary matters have been provided in the Rules, the ministry said, adding that it had been proposed to specify IBBI as the authority under the Rules.
The Rules, finalised after stakeholder consultation, have been issued, it said, adding that Section 247 of the Companies Act [on valuation by registered valuers] is effective October 18.
