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[To be published
in the Gazette of India, Extra-ordinary, Part-II, Section 3, Sub
section (ii)]
MINISTRY OF CORPORATE
AFFAIRS Notification
New Delhi, the 18th
October, 2017
S.O. (E).-Inexercise of the powers conferred by sub-section (3) of section
1of the
Companies Act, 2013 (18 of 2013), the Central
Government hereby appoints the 18th October, 2017 as the date
on which the provisions of section 247 of the said Act shall come into force.
[F. No. 1/27/2013-CL-V]
r
(Amardeep Singh Bhatia)
Joint Secretary to the Government
of India
The Companies (Registered Valuers and Valuation) Rules, 2017,
finalized after public consultation and detailed deliberations with
stakeholders, have also been issued simultaneously.
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 18th October,
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.
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. 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.
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.
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