The Central Government shall notify and may modify (from time to time) the valuation standards on the recommendations of the
Committee set up under Rule 19.
VL Note : –
Rule 19 Committee to advise on valuation matters
(1) The Central Government may constitute a Committee to be known as “Committee to advise on valuation matters” to make
recommendations on formulation and laying down of valuation standards and policies for compliance by companies and registered
valuers.
(2) The Committee shall comprise of-
(a) a Chairperson who shall be a person of eminence and well versed in valuation, accountancy, finance, business administration,
business law, corporate law, economics;
(b) one member nominated by the Ministry of Corporate Affairs;
(c) one member nominated by the Insolvency and Bankruptcy Board of India;
(d) one member nominated by the Legislative Department;
(e) up to four members nominated by Central Government representing authorities which are allowing valuations by registered
valuers;
(f) up to four members who are representatives of registered valuers organisations, nominated by Central Government.
(g) Up to two members to represent industry and other stakeholder nominated by the Central Government in consultation with the
authority;
(h) Presidents of, the Institute of Chartered Accountants of India, the Institute of Company Secretaries of India, the Institute of Cost
Accountants of India as ex-officio members.
(3) The Chairperson and Members of the Committee shall have a tenure of three years and they shall not have more than two tenures.
VL Note : –