About Us

CVSRTA - REGISTERED VALUERS ASSOCIATION

A group of practicing valuers actively engaged in the profession, regularly attending seminars, conferences and fellowships on valuation came in contact with some practitioners and academicians from all over the globe by attending the World Valuation Congresses in Vancouver, Singapore and London.

While interacting with them, it was found that there was a difference in valuation practiced in India and that outside India. The practice developed outside India appealed to them mainly because the practitioners outside India, even in developing countries, could not practice without an academic qualification in valuation due to the Valuers' Act, regulating the valuation profession. Whereas, even today, in India there is no such Act to regulate the valuation profession.

This group studied the courses offered across the globe and developed a curriculum suitable to Indian requirements and approached BVM Engineering College, affiliated to Sardar Patel University (SPU), Vallabh Vidyanagar, Gujarat for introduction of the valuation courses and met late Dr B. P. Swadas, Principal of the college cum Dean faculty of engineering and technology SPU and late Dr D. D. Jadeja, Vice Chancellor, SPU. Dr Jadeja immediately agreed on following conditions:

  • The course shall be leading to the post-graduate degree on similar line of business administration and environmental engineering which were first introduced at PG courses and subsequently undergraduate courses were introduced in these two disciplines. This is mainly because vice chancellor has power to introduce of PG courses and for introduction of degree courses there is a long process.
  • The University will not be able to provide any finance.
  • Someone has to take charge in honorary capacity until the core faculty is developed.

One of the members of the group agreed to take charge in honorary capacity until the core faculty is developed.

Dr C.L. Patel, Chairman, Charutar Vidya Mandal – a charitable trust managing more than 45 educational institutions in Vallabh Vidyanagar agreed to offer excellent support to run the courses.

SPU introduced following full-time courses in the year 1994:

Master of Valuation (real estate) - first time in India

Master of Valuation (plant and machinery) - first time in the whole world

Thus, the same group was involved right from the beginning - convincing the university for need of the courses, framing syllabi, selecting faculty, teaching and helping the university in offering the courses almost for 10 years (till 2003) absolutely in honorary capacity till the core faculty - Shri Nelson J. Macwan, Shri Amish Patel and Shri Rupesh T. Shah (the students of the first batch) was developed out of the students who completed the courses.

On introduction of the course group made representations to the Central Board of Direct Taxes, Ministry of Finance, GOI for amendment to Wealth Tax Rules 8A (2) and 8A (8) for registration as valuers of Immovable Property and Plant & Machinery so that the holders of these two degrees can be registered in respective disciplines with 2 years of experience instead of 10 years (for engineers and architects). through Sardar Patel University. The representation was accepted, and a Gazette Notification was issued on 5th March 1997.

The Royal Institution of Chartered Surveyors, U.K. (RICS) accredited the courses in Sept.1998 initially for an intake of students during 1996-2000 and now also admits applicants with above qualifications as their members.

The group of valuers who were instrumental in developing academic courses floated the idea of establishing a professional organization of academically qualified valuers in a meeting organized by Alumni of SPU Valuation courses in Dec. 2006 at Vallabh Vidyanagar, Gujarat and the same was readily accepted and Centre for Valuation Studies, Research and Training (CVSRT) was established. It was decided to carry out some professional activity before registering the organization. Accordingly, the conferences were organized on Valuation of Assets for safety and security of Banking Sector in Mumbai, Ahmedabad and Surat which were very well attended by executives from National Housing Bank (NHB), ICICI Bank, Kotak Mahindra Bank, Indian Banks' Association (IBA), State Bank of India, Bank of India, other private/ public sector banks and professional valuers from length and breadth of India.

Institution of Valuers (Kolhapur Branch) approached the CVSRT in Sept. 2007 for a help in introducing Master of Valuation (real estate) course under distance learning at Shivaji University, Kolhapur.

CVSRT prepared the study material for all the 21 subjects of the course and also rendered full help for two years in running the course. Now also members of CVSRT are rendering help. It is note-worthy to mention here that the students of the distance learning course at Shivaji University, Kolhapur include:

  • Govt. registered valuers with more than 20 years' experience
  • Officers in the bank
  • Assessor and Tax Collector, Kolkata Municipal Corporation
  • Senior executive of big 4 accounting firm
  • Chairmen of Institution of Valuers, Chennai and Hyderabad branches.

Annamalai University, Chennai introduced the valuation course in the year 2010 and CVSRT also helped Annamalai University.

Thus, some of the members of CVSRT have been the focal point of expertise in valuation to fill up a gap that exists in this area of felt need. It is unique in the sense that it does not survive by strength of membership but by the critical role it plays in providing intellectual inputs in the field of valuation. The CVSRT has prepared the study material for following subjects for distance learning courses introduced by various universities:

  • Principles of Economics
  • Book keeping and accountancy
  • Elementary surveying
  • Introduction to statistics
  • Principles of valuation
  • Town and regional planning
  • Elements of laws and jurisprudence
  • Engineering drawing
  • Principles of insurance & loss assessment
  • Building technology-I
  • Building technology-II
  • Law – I
  • Law – II
  • Principles of rating
  • Valuation of real estate-I
  • Valuation of real estate-II
  • Urban land economics
  • Environmental impact assessment
  • Maintenance & repairs of building & dilapidation
  • Building technology
  • Real estate management
  • Report writing

It is also in constant touch with organizations that are relevant in the field of practicing valuers and at the same time remains hands in gloves with the expertise that have matured the world over.

It is noteworthy to mention here that the Royal Institution of Chartered Surveyors U.K. assigned the job of preparing Indian version of (Valuation Information Paper) VIP 10 and VIP 12 of their Manual of Appraisal and Valuation to CVSRT.

CVSRT took a lead in preparing a document on vital issues concerning banking sector like – Qualifications and experiences of valuers, Check-list for bankers, format for valuers and circulated to all the professional valuation societies who attended the meeting convened by NHB on 20th Feb.2008 at Delhi for their views and also suggested that in USA there is an organization -Appraisal Foundation which is supported by all the valuation societies; similarly, there is a need to establish Federation of Valuation Societies supported by all the valuation societies of the country. In US, Appraisal Foundation plays vital role in the matters of qualifications, standards and framing guide lines etc.

Centre for Valuation Studies, Research and Training as stated hereto before was ultimately registered as Centre for Valuation Studies, Research and Training Association (CVSRTA) under Society's Registration Act, 1860 vide no. 816/2010 G.B.B.S.D. dtd. 30th March 2010 at Mumbai to have an independent status and avoid control by individual members.

Outstanding contribution at international and national levels:
International

The past and some of the present office bearers of CVSRTA are instrumental in following:

Helping International Valuation Standards Committee (IVSC) in framing basic document in the year 1994 for International Valuation Standards on:

  • Valuation of plant & machinery
  • Consideration of environmental factors in valuation

In order to collect literature for preparing study material for the students for the plant and machinery course – Kirit P. Budhbhatti one of the office bearers of CVSRT visited R.I.C.S. Library at their headquarters in London in 1994 but did not find all the books prescribed for examinations conducted by them in the discipline of valuation of plant and machinery and brought to the notice of Bill Carr Chair – plant and machinery committee RICS. He also visited the libraries of the American society of Appraisers in California and Washington D.C. and also the Library of Congress in Washington D.C. He did not find the books dealing with all the aspects that pertinently arise in the field of valuation of plant and machinery so as to serve the purpose of a text book for the university students and the practitioners. Then he authored a book. The forward and Introduction to the book are from Chris Derry-Former Chairman Plant and Machinery Committee RICS and Les Miles – Former President (2006-07) ASA and chairman machinery and equipment committee respectively and same are attached.

As there was a dearth of literature in the field of plant & machinery valuation it became essential to create literature by extracting from minds of outstanding plant & machinery valuers of the world. For this purpose, did pioneering work in the field of plant & machinery valuation and organized first, ever plant & machinery valuation conference at Anand, Gujarat, in India during 2-8 February 1998, which created tremendous interest in the international arena.

The main idea behind organizing the conference was to create a literature in the discipline of plant & machinery valuation. This was essential for offering academic programme. The excellent literature was created through conference due to active participation by stalwarts from advanced and developing countries like:

  • Chairman, International Valuation Standards Committee,
  • President, American Society of Appraisers (ASA),
  • Prof. from Sheffield University UK,
  • Former - Chairman, Machinery and Equipment Committee ASA,
  • Superintendent Valuer, Her Majesty's Valuation Office, London,
  • Former - Chairman, Central Valuation Board, Kolkata, India,
  • Executive Vice President, American Appraisals, Milwaukee, USA
  • Head, Rating Valuation - British Telecommunication, London
  • CEO, BC Assessment, Victoria Canada.
  • Member, Machinery and Equipment Committee ASA,
  • Former - Chairman, Plant & Machinery Committee the Royal
  • Institution of Chartered Surveyors (RICS) and
  • from UK, USA, Canada, France, Malaysia, Fiji, Philippines, Nigeria, Kenya, Zimbabwe, Botswana, Mauritius, Ecuador, Thailand, and from length and breadth of India.

This was followed by a regular biennial international conference of meaningful nature. On success of the conference a committee was formed and founder Secretary CVSRT became Founder Chairman (1998-2007) of International Plant & Machinery Valuation Conference Committee (IPMVCC). IPMVCC organized conferences in KL, Sydney, Hong Kong, London, San Francisco, Beijing, St. Petersburg, Japan and again Sydney in 2000, 2002, 2005, 2007, 2009, 2011,2013,2015 and 2017 respectively. CVSRT brought three-word renowned societies RICS, ASA and API together as since 2007 these conferences are jointly organized by these three organizations.

The first conference was inaugurated by Chairman Public Sector Enterprises Selection Board, Chairmen Insurance Regulatory and Development Authority and Dis-investment Commission chaired the sessions on valuation for insurance and dis-investment respectively.

High Commissioner of India in Malaysia inaugurated the conference in Kuala Lumpur in 2000 and Consul Generals of India in Sydney and Hong Kong were the Chief Guests in the concluding sessions in Sydney and Hong Kong conferences.

National

The past and some of the present office bearers of the centre are also instrumental for:

  • Two training programmes of four-day duration for Senior executives of Bharat Heavy Electricals Ltd.(BHEL) at the National Institute of Financial Management, Faridabad and at Hyderabad in April and May 1998 respectively.
  • Presentation to the officers in the office of Comptroller and Auditor General of India regarding relevance of valuation in public audit and disclosure of value of public assets for the sake of public accountability in May 1998 which was attended by Dy. Comptroller and Auditor General of India.
  • Half a day programme in office of Comptroller and Auditor General of India regarding relevance of valuation on 3rd Sept.2001, which was attended by Dy. Comptroller and Auditor General of India.
  • Training programme in valuation for the Officers of the rank of Dy. Accountant General and Directors in the office of Comptroller and Auditor General of India at International Training Centre at Ghaziabad during 4-6 September 2001.
  • Conference on valuation for safety and security of banking sector organized jointly by Indian Banks' Association and ISTAR in July 2001 and April 2002 attended by officers in the rank of Dy. GM and AGM from various public and private sector banks from length and breadth of India.
  • 5 days Training programme in Valuation for officers of Stamp Duty Department of the Government of Gujarat, in June 1996.
  • Continuing education programme for professional valuers at Anand, Mumbai, Ahmedabad, Surat and Chennai
  • 5 days Training programme for 'Appraisal Team' of HUDCO at New Delhi.

CVSRTA submitted exhaustive suggestions on Valuation Professional Bill and for registration as valuers u/s 247 of Companies Act, 2013.

In 2015, CVSRTA published Guidelines on Valuation of real estate as well as plant and machinery.

Chairman Desk

Mr.Yomesh Narayan Rao
B.E.CIVIL, LLB, LLM

Dear Valuer Friends.

I have great pleasure to inform you all that CVSRTA Registered Valuers Association is recognized as an RVO by Insolvency & Bankruptcy Board of India on 28-6-2018.

We are authorized to teach and train valuers for IBBI Exam in Real Estate as well as Plant & Machinery.

Presently, we have planned Training Centres in Ahmedabad, Mumbai, Delhi and Chennai and subsequently centers will be opened in other cities.

The 50 hour training Module for valuers is the short term goal of the Association. Long term goal is for continuously educating and updating members regarding developments in Valuation field in India & abroad.

With Central Government being strongly determined to regulate Real Estate (RERA ) & Banking( IBBI Board ) Sectors , there is great scope for Individuals/valuers regarding future prospects in field of Valuation in India.

I foresee ever increasing quantum of valuation work for Real Estate and Plant & Machinery Valuers due to Company Act Amendments of 2013. Also Bank Mortgage work will be less remunerative as compared to professional fees for revaluation of Company's assets, every year, as per revised Accountancy Standards.

Government is committed towards development of Valuations of Company's Asset. It is our duty to support the government and the country in this endeavor. CVSRTA RVA has two important Ventures in mind. Primary Objective is to help the Government in its long term goal in preparation and finalization of INDIAN VALUATION STANDARDS and VALUER'S BILL. Other Objective is to contribute to the betterment of Valuer profession in India. Greater professionalism in valuation field is the need of the day.

Time will come when the rush to MBA courses shall reduce substantially in the next 5 year period and there will be great rush for admission to valuation courses in streams of Real Estate & Plant Machinery

It is high time that Practicing Valuers grab the opportunity to get themselves trained for the Future viz IBBI Exam & thus make themselves qualified to carry out Valuation of not only Company Assets, but also handle Bank mortgage valuations & Tax Valuations.

Here's wishing success to every Valuer joining our RVO.

CHAIRMAN

C.V.S.R.T.A. R.V.A.

Directors

Sr No. Name of Directors Resident Status Nationality
1. Sundeep Harjas Bikhchandani Resident Indian
2. Ketan Arvind Chothani Resident Indian
3. Binitha Manohar Dalal Resident Indian
4. Sunitkumar Gupta Resident Indian
Sr No. Name of Directors Resident Status Nationality
1. Prabhakar Trimbak Hardikar Resident Indian
2. Hemant Manvantrai Vasavada Resident Indian
3. Yomesh Narayan Rao Resident Indian
4. Priyank Gupta Resident Indian
5. Rajiv Ashok Agrawal Resident Indian

Mr.Yomesh Narayan Rao B.E.CIVIL, LLB, LLM

Yomesh has More than 18 years of operational and strategic experience in the real estate and construction industry across India. With a bachelor degree in engineering (Civil), he started his career as a site engineer with one of the top Indian builders - Raheja Group based in Mumbai. His vast knowledge and experience in technical due diligence, project approvals and clearances throughout the lifecycle of building projects has gained him considerable respect from regulatory authorities. Having been head of the department of Regulatory and Liaison within the Raheja Group, Yomesh has ventured out to start his own consultancy.

Though gentle in approach, he has a penchant for getting things done, with the ability to plan, strategize and make quick but correct decisions. When it comes to construction he's been there, done that, but is still willing to learn.
Undertaken projects Initially Limited in Bombay, MMR and then Moving in to Pan India Liaison by Studying and Understanding the Local Rules and Regulations of Various Cities like Hyderabad, Bangalore, Mangalore, Chandigarh, Haryana, Chennai, Goa etc........

He is a Member of the Executive Committee of the Esteemed Practicing Engineers Architects and Town Planners Association (PEATA) and is a part of their Editorial Team

Mr.Sunitkumar Gupta, M.Val(RE)

Mr. Gupta is Co-author of Stamp Duty Ready Reckoner for last 20 years, he is also co-author of Property Tax Ready Reckoner. He has interviewed Senior Government Officials of Stamp Duty and Registration Department which was published in the Times of India and other leading News papers of Mumbai. Leading Newspapers relay on his opinion in the matters of stamp duty, registration and property tax. He is editor of a monthly newsletter GLOBUS devoted to Valuation, property tax, stamp duty, registration and property related matters since last 17 years. He has contributed more than 25 articles on stamp duty & registration which were published in various leading new papers of Mumbai. Mr. Gupta has spoken on stamp duty & registration related subjects at many of the seminars & lectures organized by Western India Regional Council of Institute of Chartered Accountants of India and has spoken at Residential Courses relating to Co-operative Societies held at Mumbai, Navi Mumbai, Matheran, Kolhapur & Aurangabad.

He has done extensive research and study on the property value in Mumbai with reference to Actual market value V/s Market value as per stamp duty and Ownership V/s Tenanted property. He has specialized in valuation of immovable property in Mumbai as on 1-4-1981 & 1-4-2001. As an associate to Mr. Santosh Kumar he is responsible for the valuation of various properties worth more than 100 crores each.

Mr.Prabhakar Trimbak Hardikar

Mr. P. T. Hardikar, born on 26th December 1930, is a Civil Engineering graduate, Pune University (1954). He joined Town Planning and Valuation Department, Govt. of Maharashtra in November 1954. While in service he successfully passed three examination of the Royal Institute of Chartered Surveyors (R.I.C.S.), London and was elected as Associate Member of the Institute (A.R.I.C.S.) in 1963. He was deputed to the 2 years Post Graduate Diploma Course in Town and Country Planning with specialization in 'Urban and Regional Planning' at the school of planning and Architecture (S.P.A), New Delhi, which he completed in 1974 with Honours. He has further completed the Training Course in 'Urban Management' conducted by the Economic Development Institute (E.D.I.) of the World Bank and the Ministry of Works and Housing, Govt. of India and has been elected as Overseas Fellow of the E.D.I. in 1979.

During his 34 years' service in the Town Planning and Valuation Dept. Maharashtra Govt. he held Class I Gazette posts for 25 years and retired as Director of Town Planning, Maharashtra State. He has varied experience in Town Planning from preparing layout plans to preparing and finalizing Town Planning Scheme, Development Plans, New Township Plans, Regional Plans etc. he has T.P. schemes at Solapur and Ahmednagar as Arbitrator. He has also worked as Special Land Acquisition Officer at Pune and Solapur and has declared several Land Acquisition awards. He has also lead Expert Evidence in the District Courts and in the High Court, Bombay.

He was a faculty member at the Master of Valuation, Real Estate course at the Sardar Patel University, Vallabh Vidya Nagar, Gujrat during 1997-98 to 2002-03 and taught the subject of Report Writing, valuation and Land Acquisition. He also guided about 30 students in their project work/ dissertation. He is a faculty member at the two years Master of Valuation (Real Estate), run in the distance mode at Shivaji University, Kolhapur, Maharashtra where he taught the subjects of valuation, land acquisition, town planning and report writing. He has also given guidance to more than 70 students for their project works/ dissertations. He has also worked as external jury at the viva- voice examinations.

He has written a book "Writing a Report: Real Estate Valuation", summary of which has been published in the "Indian Valuer", February and March 2012, for which he has been awarded Gold Medal at Amrutsar Congress, 2012 of the Institution of Valuers, India.
He is the member of following institutions:

  1. Associate Member, Institute of Town Planners India (A.I.T.P) New Delhi.
  2. Life Member, Institute of Public Administration (I.I.P.A) New Delhi.
  3. Life Member, Regional Science Association, India.
  4. Fellow Life Member, Institution of Surveyors, India.
  5. Fellow Life Member, Institution of Valuers, India.
  6. Overseas Fellow, Economic Development Institute (E.D.I), World Bank

Mr.Rajiv Agrawal

Work profile includes:

  • Evaluating (credit & risk) and attaining closure on various real estate investment opportunities
  • Internal representations and clearances
  • Investment structuring and documentation
  • To be in continuous touch with the customer and the project - primarily pre-empting the project risks and requirements
  • Chalking out future strategies for investments including exits

HDFC Ltd September 2002 to May 2007
Assistant Manager, Commercial Real Estate

Work profile included:

  • Credit Analysis for all India debt proposals for real estate developers .
  • Managing client relationships from origination to exit along with sourcing of new debt businesses for select geographies.
  • Coordinating and facilitating discussions with other institutions for consortium financing
  • Reporting to the management committee for debt approvals

EDUCATION:
Institute of Chartered Accountants of India May 2002 Chartered Accountant (ACA)
Mulund College of Commerce, Mumbai, India April 2000 Bachelors of Commerce (B.Com)

Mr.Priyank Gupta, ACA

Edelweiss              May 2018 - Till Date
Associate Director

Indiabulls Housing Finance Ltd               June 2015- April 2018
Regional Head-Commercial

  • Responsible for origination and execution of real estate financing transaction across the Western region.
  • Overall responsibility for the complete transaction process from origination, structuring, due diligence, internal approval processes, documentation and disbursement.
  • Also responsible for monitoring existing real estate portfolio
  • Total disbursements of INR80-100 billion p.a
  • Total current outstanding portfolio of ~ INR300 billion

Capitedge               Aug 2013-May 2015
Founding member of Capitedge Investment advisory services

  • Key role in managing the existing portfolio of Wells Fargo's real estate investments in India
  • To raise International & Domestic fund for private equity space in invest in real estate

Wells Fargo Bank, Mumbai               Nov 2007- Aug 2013
Assistant Vice President, Private Equity Real Estate

  • Originating investment opportunities across various real estate asset classes Evaluated investment opportunities through various equity/ mezzanine structures.
  • Completed deal execution, including transaction structuring, taxation, financial and technical due diligence and co-ordination with legal and other agencies involved in the deal.
  • Co-ordinated transaction due diligence and pre-closure documentation activities
  • Actively monitored project and investment performance
  • Monitored and evaluated exit options across portfolio
  • Active member of a 'Research Desk' that compiled general and market-related economic information, and performed real estate PE tracking (competition mapping) by industry segment and location
  • Key member of the team involved in investments of INR 18 billion and exits of INR 12 billion

ICICI Bank Limited, Mumbai               Nov 2001 – Sept 2007
Manager, Corporate & Realty Finance

  • Developed and managed business relationships with real estate developers (including some of the top real estate developers in India) for project funding, working capital, and lease-rent discounting.
  • Evaluated construction funding and lease rental discounting proposals.
  • Executed complete deals, including co-ordination with internal departments (like Risk, Legal, Compliance) and external agencies (like Valuers, Advocates)
  • Successfully negotiated and concluded several large debt transactions with reputed developers
  • Evaluated investment opportunities in yield generating assets for ICICI Bank and executed investment transactions
  • Completed legal requirements, including facility documentation and title search clearance of project properties
  • Involved in the setting up of the internal audit and compliance procedures of the department

EDUCATION:
• Masters in Business Administration (MBA) from Narsee Monjee Institute Of Management Studies, Mumbai, 2008
• Institute Of Chartered Accountants of India, New Delhi, 2007
• Bachelors Of Commerce, Pt. Ravi Shankar University, Raipur, 1994

Other Interests :
Active interest in current affairs and new developments in real estate & finance Running (10-21kms), Swimming & Cricket

Committee Member

1. Prabhakar Trimbak Hardikar - Chairman
2. Pramod Patil - Member
3. Bhagirath Rathod - Member
4. Ghanshyamsinh Vadher - Member

1. Yomesh Narayan Rao - Chairman
2. Jigesh Mehta - Member
3. Sanjay Malhotra - Member
4. Murli Punjwani - Member
5. IBBI Representative - Member

1. Hemant Vasavada - Chairman
2. Rajesh Rajpara - Member
3. Sachin Purohit - Member
4. Rhisikesh Mharalkar - Member

1. Rajiv Agrawal - Chairman
2. Ketan Arvind Chothani - Member
3. Rajeev Shah - Member
4. Sundeep Bikhchandani - Member
5. Sunitkumar Gupta - Member

1. Prabhakar Trimbak Hardikar - Chairman
2. Pramod Patil - Member
3. Manish Kaneria - Member
4. Jitendra Paithankar - Member

1. Priyank Gupta - Chairman
2. Ketan Chothani - Member
3. Sunitkumar Gupta - Member
4. IBBI Representative - Member

Co-ordinators

Sr No. Name of Co-ordinator Email ID Contact No
1. Mr. Rajesh Rajpara Coord.Ahmedabad@cvsrtarva.org +91 9824069130
2. Mr. Ghanshyamsinh Vadher Coord.Mumbai@cvsrtarva.org +91 9820262432
3. Mr. Pramod Patil Coord.Pune@cvsrtarva.org +91 9422324067
4. Mr. Sivakanandan Coord.Puduchery@cvsrtarva.org +91 9842346200
5. Mr. Thirumal Coord.Chennai@cvsrtarva.org +91 9629888033
6. Mr. Venkat Krishanan Coord.Bengaluru@cvsrtarva.org +91 9845497602
7. Mr. Bhagirath Rathod Coord.Rajkot@cvsrtarva.org +91 9825078098
8. Ms. Ritika Sneh Coord.Jharkhand@cvsrtarva.org +91 9263182001

Address for Correspondence

CVSRTA - Registered Valuers Association Regd. Office:

Unit No 8, 1st Floor, Meghal Service Industrial Estate, Devidayal Road, Mulund West, Mumbai – 400080.

CVSRTA - Registered Valuers Association Administrative Office:

Shop No. 10, Building No. 5, Malad Co-op. Hsg. Soc. Ltd. Poddar Road, Opp. Saraf Matru Mandir, Malad East, Mumbai-400097

BYE-LAWS Of CVSRTA

  BYE-LAWS OF CVSRTA REGISTERED VALUERS ASSOCIATION
  1. GENERAL

  1. The name of the registered valuers organisation is "CVSRTA REGISTERED VALUERS ASSOCIATION" (hereinafter referred to as the 'Organisation').

  1. The 'Organisation' is registered as a company under section 8 of the Companies Act, 2013 (18 of 2013) with its registered office situated at 21-23, T.V. Industrial Estate, 248-A, S.K. Ahire Marg, Off. Dr. A. B. Road, Worli, Mumbai 400 030.

  1. These bye-laws may not be amended, except in accordance with Annexure III relating to Governance Structure and Model Bye Laws for registered valuers organisation of Companies (Registered Valuers and Valuation) Rules, 2017 .

  1. DEFINITIONS

  1. (1) In these bye-laws, unless the context otherwise requires -

(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);
(2) Unless the context otherwise requires, words and expressions used and not defined in these bye-laws shall have the meanings assigned to them in the Companies Act, 2013 (18 of 2013).
III. OBJECTIVES
  1. (1) The Organisation shall carry on the functions of the registered valuers organisation under the Companies (Registered Valuers and Valuation) Rules, 2017, and functions incidental thereto.

(2) The Organisation shall not carry on any function other than those specified in sub-clause (1), or which is inconsistent with the discharge of its functions as a registered valuers organisation .
  1. DUTIES OF THE ORGANISATION

  1. (1) The Organisation shall maintain high ethical and professional standards in the regulation of its members.

(2) The Organisation shall -
(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.
  1. COMMITTEES OF THE ORGANISATION

Advisory Committee of Members.
  1. (1) The Governing Board may form an Advisory Committee of members of the Organisation to advise it on any matters pertaining to-

(a) the development of the profession;
(b) standards of professional and ethical conduct; and
(c) best practices in respect of Valuation.

(2) The Advisory Committee may meet at such places and times as the Governing Board may provide.
Other Committees of the Organisation.
  1. (1) The Governing Board shall constitute-

(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.

(2) The Chairperson of each of these Committees shall be an independent director of the Organisation.
  1. MEMBERSHIP

Eligibility for Enrolment.
  1. (A) No individual shall be enrolled as a member if he is not eligible to be registered as a registered valuer with the authority:

Provided that the Governing Board may provide additional eligibility requirements for enrolment: Provided further that such additional requirements shall not discriminate on the grounds of religion, race, caste, gender, place of birth or professional affiliation.    
Process of Enrolment as Member.
  1. (1) An individual may apply for enrolment as a member by submitting an application in such form, in such manner and with such fees as may be specified by the Organisation.

(2) The Organisation shall examine the application in accordance with the applicable provisions of the rules, regulations and guidelines thereunder.
(3) On examination of the application, the Organisation shall give an opportunity to the applicant to remove the deficiencies, if any, in the application.
(4) The Organisation may require an applicant to submit additional documents, information or clarification that it deems fit, within reasonable time.
(5) The Organisation may reject an application if the applicant does not satisfy the criteria for enrolment or does not remove the deficiencies or submit additional documents or information to its satisfaction, for reasons recorded in writing.
(6) The rejection of the application shall be communicated to the applicant stating the reasons for such rejection, within thirty days of the receipt of the application, excluding the time given for removing the deficiencies or presenting additional documents or clarification by the Organisation, as the case may be.
(7) The acceptance of the application shall be communicated to the applicant, along with a certificate of membership.
(8) An applicant aggrieved of a decision rejecting his application may appeal to the Membership Committee of the Organisation within thirty days from the receipt of such decision.
(9) The Membership Committee shall pass an order disposing of the appeal in the manner it deems expedient, within thirty days of the receipt of the appeal.
Membership Fee.
  1. The Organisation may require the members to pay a fixed sum of money as its annual membership fee.

Register of Members.
  1. (1) The Organisation shall maintain a register of its professional members, containing their-
(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.  
(2) The records relating to a member shall be made available for inspection to- (a) the authority, (b) any other person who has obtained the consent of the member for such inspection.    
VII. DUTIES OF MEMBERS  
  1. (1) In the performance of his functions, a member shall-
(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.  
  1. The Organisation shall have a Code of Conduct that shall be consistent with, and that shall provide for all matters in the Code of Conduct as specified in the Annexure-I.
   
VIII. MONITORING OF MEMBERS  
  1. The Organisation shall have a Monitoring Policy to monitor the professional activities and conduct of members for their adherence to the provisions of the Act, rules, regulations and guidelines issued thereunder, these bye-laws, the Code of Conduct and directions given by the Governing Board.
 
  1. A member shall submit information about ongoing and concluded engagements as a registered valuer, in the manner and format specified by the Organisation, at least twice a year stating inter alia, the date of assignment, date of completion and reference number of valuation assignment and valuation report.
 
  1. The Monitoring Committee shall review the information and records submitted by the members in accordance with the Monitoring Policy.
 
  1. The Monitoring Policy shall provide for the following -
(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.  
  1. The Monitoring Policy shall –
(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.  
  1. The Organisation shall submit a report to the authority in the manner specified by the authority with information collected during monitoring, including information pertaining to -
(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.  
  1. GRIEVANCE REDRESSAL MECHANISM
 
  1. (1) The Organisation shall have a Grievance Redressal Policy providing the procedure for receiving, processing, redressing and disclosing grievances against the Organisation or any member of the Organisation by-
 
(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.    
(2) The Grievance Redressal Committee, after examining the grievance, may-  
(a) dismiss the grievance if it is devoid of merit; or (b) initiate a mediation between parties for redressal of grievance.  
(3) The Grievance Redressal Committee shall refer the matter to the Disciplinary Committee, wherever the grievance warrants disciplinary action.  
  1. The Grievance Redressal Policy shall provide for-
(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.    
  1. DISCIPLINARY PROCEEDINGS
 
  1. The Organisation may initiate disciplinary proceedings by issuing a show-cause notice against members-
(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.  
  1. (1) The Organisation shall have a Disciplinary Policy, which shall provide for the following -
(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.  
(2) The orders that may be passed by the Disciplinary Committee shall include- (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.  
(3) The Disciplinary Committee may pass an order for expulsion of a member if it has found that the member has committed-  
(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.  
(4) Any order passed by the Disciplinary Committee shall be placed on the website of the Organisation within seven days from passing of the said order, with one copy each being provided to each of the parties to the proceeding. (5) Monetary penalty received by the Organisation under the orders of the Disciplinary Committee shall be used for the professional development.  
  1. (1) The Governing Board shall constitute an Appellate Panel consisting of one independent director of the Organisation, one member each from amongst the persons of eminence having experience in the field of law and field of valuation, and one member nominated by the authority.
 
(2) Any person aggrieved of an order of the Disciplinary Committee may prefer an appeal before the Appellate Panel within thirty days from the receipt of a copy of the final order.  
(3) The Appellate Panel shall dispose of the appeal in the manner it deems expedient, within thirty days of the receipt of the appeal.  
  1. SURRENDER OF MEMBERSHIP AND EXPULSION FROM MEMBERSHIP
 
Temporary Surrender of Membership.  
  1. (1) A member shall make an application for temporary surrender of his membership of the Organisation at least thirty days before he-
(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.  
(2) No application for temporarily surrender of membership of the Organisation shall be accepted if - (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.  
(3) A member may make an application to revive his temporarily surrendered membership when the conditions for temporary surrender as provided in sub-clause (1) cease to be applicable, and upon acceptance of the application for revival, the name of the member shall be re-inserted in the register of the Organisation, and the same shall be intimated to the authority.    
Surrender of Membership  
  1. (1) A member who wishes to surrender his membership of the Organisation may do so by submitting an application for surrender of his membership.
 
(2) Upon acceptance of such surrender of his membership, and completion of thirty days from the date of such acceptance, the name of the member shall be struck from the registers of the Organisation, and the same shall be intimated to the authority.  
  1. Any fee that is due to the Organisation from a member surrendering his membership shall be cleared prior to his name being struck from the registers of the Organisation.
 
  1. The Organisation may refuse to accept the surrender of membership by any member if -
 
(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.  
Expulsion from Membership.
  1. A member shall be expelled by the Organisation–
(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.

Fees Structure

1. Primary Membership Application Fees for Individual: Rs.2500 + 18% GST(Application form can be filled online at www.cvsrtarva.org)
2. 50 Hrs. Minimum Education Programme Fees: Rs.25,000 + 18% GST
3. Study Material Fees (Optional): Rs.5,000 + 18% GST(Available on IBBI website for Free)
4. Annual Membership Fee : Rs.7,500 + 18% GST (To be paid by all members.It can be paid upto 30th May of each year)
5. Transfer from our RVO to other RVO from at our of Rs.42 other : Rs.NIL (Provided current year membership is paid in full)(To be issued within 7 working days from date of receipt of request other RVO by email and physical letter of request from Member administrative office along with 2 envelops with postage stamp 1 envelop having members address and other envelop having RVO address)
6. Transfer in our RVO from other RVO along : Rs.7,500 + 18% GST (Transfer Fees)(Membership application Fees at point No.1 above additional with primary membership application form. Also current Financial year membership fees at point 4 above is to be paid at the time of joining)
7. Certificate of Practice Fees : Rs.2,000 + 18% GST (To be paid once in the life time)
8. Continuation Education Programme Valuer permission programme) Rs.3,500 to Rs.5,000 + 18% GST (Depending upon venue)(2 CEP of 8 hours is compulsory in a year for all Registered Member. Member can attend CEP of other RVO with prior of our RVO, in case of difficulty in attending our RVO CEP programme)
Fees for various services to be disclosed by RVOs on their website
    CVSRTA REGISTERED VALUERS ASSOCIATION
Ordinary Member Registered Valuers
S.No. Fee Type Ordinary member Fee details (Fee + GST) Refundable/Non refundable S.No. Fee Type Valuer Member Fee details (Fee + GST) Refundable/Non refundable
1. Membership Fee NIL Not Applicable 1. NIL (See Note.1) NIL Not Applicable
2. Education Course Fee (non-members) Rs.25000 + Rs.4500 GST Non Refundable 2. Education Course Fee (members) Rs.25000 + Rs.4500 GST (See Note.2) Non Refundable
3. Enrolment fee Rs.2500 +Rs.450 GST (See Note.3) Non Refundable 3. Enrolment fee Rs.2500 +Rs.450 GST (See Note.4) Non Refundable
4. Annual membership fee Rs.7500 + Rs.1350 GST Non Refundable 4. Annual membership fee Rs.7500 + Rs.1350 GST Non Refundable
5. Study material fee Rs.5000 + Rs.900 GST (Optional) Non Refundable 5. Study material fee Rs.5000 + Rs.900 GST (Optional) (See Note.5) Non Refundable
6. Fee for shifting to another RVO Nil. (See Note 6) Not Applicable 6. Fee for shifting to other RVO Nil. (See Note 6) Not Applicable
7. Fee for shifting from another RVO Rs.7500 + Rs.1350 GST (See Note 7) Non Refundable 7. Fee for shifting from another RVO Rs.7500 + Rs.1350 GST (See Note 7) Non Refundable

Note 1. There is no separate fees for ordinary member and Registered Valuers member. This table being statutory, the required information is provided as accurately as possible, subject to clarificatory notes below so that any ambiguity arising out due to the above format can be avoided.  

Note 2. 50 Hrs. Mandatory Education Programme fees is charged only once at the time of conducting 50 Hrs. Mandatory Education Programme. It is not charged again to member after he becomes Registered Valuer.  

Note 3. This represents Application Fees. Application fees is entered into Enrolment fees as there is no provision to amend the above format.  

Note 4. Application fees is charged only once. It is not charged again when the member becomes Registered Valuer. Membership Application form can be filled online at www.cvsrtarva.org  

Note 5. Study Material Fees is charged only once. Paying Study Material Fees is optional. Our Study Material is available on IBBI website for Free. It is not charged again when the member becomes Registered Valuer.  

Note 6. There is No fees for shifting out to another RVO, provided current year membership is paid in full. NOC will be issued within 7 working days from date of receipt of request from other RVO by email and physical letter of request from our Member at our administrative office along with 2 envelops having postage stamp of Rs.42 each. One envelop having members own current address and other envelop having the other RVO's address.  

Note 7. Fee for shifting from another RVO to our RVO is as above, provided membership application Fees at point No.2 above is sent along with primary membership application form and also current Financial year Annual membership fees at point 4 above is also paid at the time of joining.  

Note 8. Fees for Firm / LLP / Company becoming member for the purpose of becoming Registered Valuer Entity shall be as below:  

8. Application fee for Firm / LLP / Company Rs.5000 +Rs.900 GST (See Note 1) Non Refundable 8. Application fee for Firm / LLP / Company Rs.5000 +Rs.900 GST (See Note 1) Non Refundable
9.1 Annual membership fee for Firm / LLP / Company (Calculated at the rate of each Partner / Director who is member of CVSRTA RVA-RVO) & Rs.2500 +Rs.450 GST (See Note 1 and Working A)   Non Refundable 9.1 Annual membership fee for Firm / LLP / Company (Calculated at the rate of each Partner / Director who is member of CVSRTA RVA-RVO) & Rs.2500 +Rs.450 GST (See Note 1 and Working A) Non Refundable
9.2 (Calculated at the rate of  each Partner / Director who is not the member of CVSRTA RVA-RVO) Rs.10000 +Rs.1800 GST (See Note 1 and Working A)   Non Refundable 9.2 (Calculated at the rate of  each Partner / Director who is not the member of CVSRTA RVA-RVO) Rs.10000 +Rs.1800 GST (See Note 1 and Working A) Non Refundable
 
Note 9. Certificate of Practice Fees is as below :  
10. Certificate of Practice Fees. (It has to be paid once in the lifetime) Rs.2000 +Rs.360 GST (See Note 1)   Non Refundable 10. Certificate of Practice Fees (It has to be paid once in the lifetime) Rs.2000 +Rs.360 GST (See Note 1) Non Refundable

  Note 10. Continuing Education Programme Fees is as below :
 
11. Continuing Education Programme Fees Rs.3500 to Rs.5000 per day [as per venue] + 18% GST (See Note 1 & 11) Non Refundable 11. Continuing Education Programme Fees Rs.3500 to Rs.5000 per day [as per venue] + 18% GST (See Note 1 & 11) Non Refundable
 

Note 11. As per IBBI instructions attending Continuing Education Programme (CEP) for a total of 16 hours per financial year is compulsory. One day session of CEP will be of 8 hours. It is compulsory to attend two such sessions of 8 hrs. each during each financial year. Member can attend CEP of any RVO as per instructions of the IBBI. He shall submit the certificate of participation from such RVO to claim the 8hrs/16hrs credit. It is recommended that as far as possible our member should attend CEP of our own RVO so that he has full knowledge of the policy and practice recommended by his own RVO. It is further recommended that in case there is no programme of CEP by our own RVO in and around the city of residence of member then he should inform the RVO at ao.crva@gmail.com from his registered email and join the CEP of other RVO.  

Note 12. RVO reserves the right to charge lesser fees / proportionate fees which is less than above amount, on case to case basis at the sole discretion of the RVO.  

Working A. In case an LLP has 3 partners out of which 2 partners are members of our RVO and one partner is member of other RVO, then Annual membership fee for Firm / LLP / Company shall be calculated as follows: = (2 x 2500) + (1 x 10000) = Rs.5000 + Rs.10000 = Rs.15000 per annum.  

Note 13. Rebate of 20% shall be given to all our RVO member who are also member of "CENTRE FOR VALUATION STUDIES RESEARCH AND TRAINING ASSOCIATION"