(a)

its sole object is to carry on the functions of a registered valuers organisation under the Companies Act, 2013;

(b)

it is not under the control of person(s) resident outside India,

(c)

not more than forty-nine per cent. of its share capital is held, directly or indirectly, by persons resident outside India; and

(d)

it is not a subsidiary of a body corporate through more than one layer: Explanation: "layer" in relation to a body corporate means its subsidiary;

(e)

itself, its promoters, its directors and persons holding more than ten percent. of its share capital are fit and proper persons.

(1)

The registered valuers organisation shall submit to the authority its bye-laws along with the application for its registration as a registered valuers organisation.

(2)

The bye-laws shall provide for all matters specified in the model bye-laws in Part II.

(3)

The bye-laws shall at all times be consistent with the model bye-laws.

(4)

The registered valuers organisation shall publish its bye-laws, the composition of all committees formed, and all policies created under the bye-laws on its website.

(1)

The Governing Board may amend the bye-laws by a resolution passed by votes in favour being not less than three times the number of the votes, if any, cast against the resolution, by the directors.

(2)

A resolution passed in accordance with sub-bye law (1) shall be filed with the authority within seven days from the date of its passing, for its approval.

(3)

The amendments to the bye-laws shall come into effect on the seventh day of the receipt of the approval, unless otherwise specified by the authority.

(4)

The registered valuers organisation shall file a printed copy of the amended bye-laws with the authority within fifteen days from the date when such amendment is made effective.

(1)

The Governing Board shall have a minimum of ____ [Insert number] directors.

(2)

More than half of the directors shall be persons resident in India at the time of their appointment, and at all times during their tenure as directors.

(3)

Not more than one fourth of the directors shall be registered valuers.

(4)

More than half of the directors shall be independent directors at the time of their appointment, and at all times during their tenure as directors:

Provided that no meeting of the Governing Board shall be held without the presence of at least one independent director.

(5)

An independent director shall be an individual –

(a)

who has expertise in the field of finance, law, management or valuation;

(b)

who is not a registered valuer;

(c)

who is not a shareholder of the registered valuers organisation; and

(d)

who fulfils the requirements under sub-section (6) of section 149 of the Companies Act, 2013.

(6)

The directors shall elect an independent director as the Chairperson of the

(a)

'more than half' shall be rounded off to the next higher number; and

(b)

'not more than one- fourth' shall be rounded down to the next lower number.

(a)

"certificate of membership" means the certificate of membership of the Organisation granted under bye-law 10;

(b)

"Act" means the Companies Act, 2013 (18 of 2013);

(c)

"Governing Board" means the Board of Directors or Board of the Organisation as defined under clause (10) of section 2 of Companies Act, 2013 (18 of 2013);

(d)

"relative" shall have the same meaning as assigned to it in clause (77) of section 2 of the Companies Act, 2013 (18 of 2013);

(a)

ensure compliance with the Companies Act, 2013 and rules, regulations and guidelines issued thereunder governing the conduct of registered valuers organisation and registered valuers;

(b)

employ fair, reasonable, just, and non-discriminatory practices for the enrolment and regulation of its members;

(c)

be accountable to the authority in relation to all bye-laws and directions issued to its members;

(d)

develop the profession of registered valuers;

(e)

promote continuous professional development of its members;

(f)

continuously improve upon its internal regulations and guidelines to ensure that high standards of professional and ethical conduct are maintained by its members; and

(g)

provide information about its activities to the authority.

(a)

the development of the profession;

(b)

standards of professional and ethical conduct; and

(c)

best practices in respect of Valuation.

(a)

one or more Membership Committee(s) consisting of such members as it deems fit;

(b)

a Monitoring Committee consisting of such members as it deems fit;

(c)

one or more Grievance Redressal Committee(s), with not less than three members,;

(d)

one or more Disciplinary Committee(s) consisting of at least one member nominated by the authority.

(a)

name;

(b)

proof of identity;

(c)

contact details;

(d)

address;

(e)

date of enrolment and membership number;

(f)

date of registration with the authority and registration number;

(g)

details of grievances pending against him with the Organisation;

(h)

details of disciplinary proceedings pending against him with the Organisation; and

(i)

details of orders passed against him by the authority or Disciplinary Committee of the Organisation.

(a)

the authority,

(b)

any other person who has obtained the consent of the member for such inspection.

(a)

act in good faith in discharge of his duties as a registered valuer;

(b)

discharge his functions with utmost integrity and objectivity;

(c)

be independent and impartial;

(d)

discharge his functions with the highest standards of professional competence and professional ethics;

(e)

continuously upgrade his professional expertise;

(f)

comply with applicable laws in the performance of his functions; and

(g)

maintain confidentiality of information obtained in the course of his professional activities unless required to disclose such information by law.

(a)

the frequency of monitoring;

(b)

the manner and format of submission or collection of information and records of the members, including by way of inspection;

(c)

the obligations of members to comply with the Monitoring Policy;

(d)

the use, analysis and storage of information and records;

(e)

evaluation of performance of members; and

(f)

any other matters that may be specified by the Governing Board.

(a)

have due regard for the privacy of members,

(b)

provide for confidentiality of information received, except when disclosure of information is required by the authority or by law, and

(c)

be non-discriminatory.

(a)

the details of the appointments made under the Act/these Rules,

(b)

the transactions conducted with stakeholders during the period of his appointment;

(c)

the transactions conducted with third parties during the period of his appointment; and

(d)

the outcome of each appointment.

(a)

any member of the Organisation;

(b)

any person who has engaged the services of the concerned members of the Organisation; or

(c)

any other person or class of persons as may be provided by the Governing Board.

(a)

dismiss the grievance if it is devoid of merit; or

(b)

initiate a mediation between parties for redressal of grievance.

(a)

the format and manner for filing grievances;

(b)

maximum time and format for acknowledging receipt of a grievance;

(c)

maximum time for the disposal of the grievance by way of dismissal, reference to the Disciplinary Committee or the initiation of mediation;

(d)

details of the mediation mechanism

(e)

provision of a report of the grievance and mediation proceedings to the parties to the grievance upon dismissal or resolution of the grievance;

(f)

action to be taken in case of malicious or false complaints;

(g)

maintenance of a register of grievances made and resolutions arrived at; and

(h)

periodic review of the Grievance Redressal Mechanism.

(a)

based on a reference made by the Grievances Redressal Committee;

(b)

based on monitoring of members;

(c)

following the directions given by the authority or any court of law; or

(d)

suo moto, based on any information received by it.

(a)

the manner in which the Disciplinary Committee may ascertain facts;

(b)

the issue of show-cause notice based on the facts;

(c)

disposal of show-cause notice by a reasoned order, following principles of natural justice;

(d)

timelines for different stages of disposal of show cause notice; and

(e)

rights and obligations of the parties to the proceedings.

(a)

expulsion of the member;

(b)

suspension of the member for a certain period of time;

(c)

admonishment of the member;

(d)

imposition of monetary penalty;

(e)

reference of the matter to the authority, which may include, in appropriate cases, recommendation of the amount of restitution or compensation that may be enforced by the authority; and

(f)

directions relating to costs.

(a)

an offence under any law for the time being in force, punishable with imprisonment for a term exceeding six months, or an offence involving moral turpitude;

(b)

a gross violation of the Act, rules, regulations and guidelines issued thereunder, bye-laws or directions given by the Governing Board which renders him not a fit and proper person to continue acting as a registered valuer.

(a)

becomes a person not resident in India;

(b)

takes up employment; or

(c)

starts any business, except as specifically permitted under the Code of Conduct; and upon acceptance of such temporary surrender and on completion of thirty days from the date of application for temporary surrender, the name of the member shall be temporarily struck from the registers of the Organisation, and the same shall be intimated to the authority.

(a)

there is a grievance or disciplinary proceeding pending against the member before the Organisation or the authority, and he has not given an undertaking to cooperate in such proceeding; or

(b)

the member has been appointed as a registered valuer for a process under the Companies Act, 2013, and the appointment of another registered valuer may be detrimental to such process.

(a)

there is any grievance or disciplinary proceeding pending against the member before the Organisation or the authority; or

(b)

the member has been appointed as a registered valuer process under the Companies Act, 2013, and the appointment of another registered valuer may be detrimental to such process.

(a)

if he becomes ineligible to be enrolled under bye-law 9;

(b)

on expiry of thirty days from the order of the Disciplinary Committee, unless set aside or stayed by the Appellate Panel;

(c)

upon non-payment of membership fee despite at least two notices served in writing;

(d)

upon the cancellation of his certificate of registration by the authority;

(e)

upon the order of any court of law.