In exercise of the powers conferred by section 247 read with sections 458 and 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following Rules, namely: Companies (Registered Valuers and Valuation) Rules, 2017.
1. Short title and commencement.
(1) These Rules may be called the Companies (Registered Valuers and Valuation) Rules, 2017.
(2) These Rules shall come into force with effect from 15th July, 2017.
(1) In these Rules, unless the context otherwise requires-
(a) “Act” means the Companies Act, 2013 (18 of 2013);
(b) “certificate of registration” means the certificate of registration granted to a valuer under Rule 7(6) and the term “registration” shall be construed accordingly;
(c) “certificate of recognition” means the certificate of recognition granted to a valuation professional organisation under Rule 13 or 14 and the term “recognition” shall be construed accordingly;
(d) “partnership entity” means a partnership firm registered under the Indian Partnership Act, 1932 or a limited liability partnership registered under the Limited Liability Partnership Act, 2008 (6 of 2009);
(e) “valuation professional organisation” means a valuation professional organisation recognised under Rule 13(5);
(f) “registered valuer” is a valuer registered with the Registration Authority under Rule 7(6) for carrying out valuation of assets belonging to a class or classes of assets;
(g) “Registration Authority” means the Insolvency and Bankruptcy Board of India established under the Insolvency and Bankruptcy Code, 2016 (31 of 2016); 2
(h) “Schedule” means a schedule to these Rules;
(i) “Valuation Standards” means standards on valuation referred to in Rule 16. (2) Words and expressions used but not defined in these Rules, and defined in the Act or in the Companies (Specification of Definitions Details) Rules, 2014, shall have the same meanings respectively assigned to them in the Act or in the said Rules.