The Insolvency and Bankruptcy Board of India vide notification dated 28th January 2020 has prescribed strict timelines and procedure for seamless transfer of a membership from one Registered Valuer Organisation (RVO) to another.
The Companies (Registered Valuers and Valuation) Rules, 2017 (Rules) envisage Registered Valuer Organisations (RVOs) to act as front-line regulators for development and regulation of the valuation profession, The Rules envisage that a member may shift membership from one RVO to another, subject to prior permission of the Insolvency and Bankruptcy Board of India.
The members who seeks transfer of membership shall submit an application along with transfer fee which shall be specified by RVO they are member on with their membership certificate and once the application is found to be compliant with the requirements, the RVO shall issue no objection to transfer of his membership, and a statement of educational course undergone by the Member, within seven days of receipt of the application and the member shall also apply to the RVO they wish to join in the prescribed manner.
Click here to read the Notification.
