Rule 15 Cancellation or suspension of certificate of registration or recognition
The authority may cancel or suspend the registration of a valuer or recognition of a registered valuers organisation for
violation of the provisions of the Act, any other law allowing him to perform valuation, these rules or any condition of
registration or recognition, as the case may be in the manner specified in rule 17.
VL Note : –
Rue 16 Complaint against a registered valuer or registered valuers organisation.
A complaint may be filed against a registered valuer or registered valuers organisation before the authority in person or by
post or courier along with a non-refundable fees of rupees one thousand in favour of the authority and the authority shall
examine the complaint and take such necessary action as it deems fit:
Provided that in case of a complaint against a registered valuer, who is a partner of a partnership entity or director of a
company, the authority may refer the complaint to the relevant registered valuers organisation and such organisation shall
handle the complaint in accordance with its bye laws.
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(1) Based on the findings of an inspection or investigation, or a complaint received or on material otherwise available on
record, if the authorised officer is of the prima facie opinion that sufficient cause exists to cancel or suspend the registration
of a valuer or cancel or suspend the recognition of a registered valuers organisation, it shall issue a show-cause notice to the
valuer or registered valuers organisation:
Provided that in case of an organisation referred to in clause (ii) of sub-rule (1) of rule 12 which has been granted
recognition, the authorised officer shall, instead of carrying out inspection or investigation, seek the information required
from the registered valuers organisation within the time specified therein and in the case of a default, give one more
opportunity to provide the information within specified time failing which or in the absence of sufficient or satisfactory
information provided, either initiate the process under this rule or refer the matter to the Central Government for appropriate
directions.
(2) The show-cause notice shall be in writing and shall state-
(a) the provisions of the Act and rules under which it has been issued;
(b) the details of the alleged facts;
(c) the details of the evidence in support of the alleged facts;
(d) the provisions of the Act or rules or certificate of registration or recognition allegedly violated, or the manner in which
the public interest has allegedly been affected;
(e) the actions or directions that the authority proposes to take or issue if the allegations are established;
(f) the manner in which the person is required to respond to the show-cause notice;
(g) consequences of failure to respond to the show-cause notice within the given time; and
(h) procedure to be followed for disposal of the show-cause notice.
(3) The show-cause notice shall be served in the following manner by-
(a) sending it to the valuer or registered valuers organisation at its registered address by registered post with
acknowledgment due; or
(b) an appropriate electronic means to the email address provided by the valuer or registered valuers organisation to the
authority.
(4) The authorised officer shall dispose of the show-cause notice by reasoned order in adherence to the principles of natural
justice.
(5) The order in disposal of a show-cause notice may provide for-
(a) no action;
(b) warning; or
(c) suspension or cancellation of the registration or recognition; or
(d) change in any one or more partner or director or the governing board of the registered valuers organisation.
(6) An order passed under sub-rule (5) cancelling the recognition of a registered valuers organisation, shall specify the time
within which its members may take membership of another registered valuers organisation recognised for valuation of
relevant asset class without prejudice to their registration.
(7) The order passed under sub-rule (5) shall be issued to the concerned person immediately, and published on the website
of the authority.
(8) The order passed under sub-rule (5) shall not become effective until thirty days have elapsed from the date of issue of
the order unless stated otherwise.
(9) Any person aggrieved by an order of the authorised officer under sub-rule (5) may prefer an appeal before the authority.
Explanation.─ For the purposes of this rule, the authorised officer shall be an officer as may be specified by the authority.
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