Rule 1 Short title, commencement and application
(1) These rules may be called the Companies (Registered Valuers and Valuation) Rules, 2017.
(2) They shall come into force on the date of their publication in the Official Gazette.
(3) These rules shall apply for valuation in respect of any property, stocks, shares, debentures, securities or goodwill or any
other assets or net worth of a company or its liabilities under the provision of the Act or these rules.
Explanation – It is hereby clarified that conduct of valuation under any other law than the Act or these rules by any person
shall not be affected by virtue of coming into effect of these rules.
VL Note : –
(1) In these rules, unless the context otherwise requires ─
(a) “Act” means the Companies Act, 2013 (18 of 2013);
(b) “authority” means an authority specified by the Central Government under section 458 of the Companies Act, 2013 to
perform the functions under these rules;
(c) “asset class” means a distinct group of assets, such as land and building, machinery and equipment, displaying similar
characteristics, that can be classified and requires separate set of valuers for valuation;
(d) “certificate of recognition” means the certificate of recognition granted to a registered valuers organisation under
sub-rule (5) of rule 13 and the term “recognition” shall be construed accordingly;
(e) “certificate of registration” means the certificate of registration granted to a valuer under sub-rule (6) of rule 6 and the
term “registration” shall be construed accordingly;
(f) “partnership entity” means a partnership firm registered under the Indian Partnership Act, 1932 (9 of 1932) or a limited
liability partnership registered under the Limited Liability Partnership Act, 2008 (6 of 2009);
(g) “Annexure” means an annexure to these rules (h) “registered valuers organisation” means a registered valuers
organisation recognised under sub-rule (5) of rule 13;
(i) “valuation standards” means the standards on valuation referred to in rule 18; and
(j) “valuer” means a person registered with the authority in accordance with these rules and the term “registered valuer”
shall be construed accordingly.
(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.
VL Note : –