BYE LAWS FOR ALL INDIA VALUERS ASSOCIATION
I. GENERAL
1. The name of the registered valuers organization is “All India Valuers Association”
(hereinafter referred to as the “Organisation”).
2. The ‘Organisation’ is registered as a company under section 8 of the Companies Act,2013 (18 of 2013) with its registered office situated at 205, Rohit House Building 3,Tolstoy Marg New Delhi -110001
3. These bye-laws may not be amended, except in accordance with this Annexure.
II. DEFINITIONS
4. (1) In these bye-laws, unless the context otherwise requires –
a) “certificate of membership” means the certificate of membership of theOrganisation granted under bye-law 10;
b) “Act” means the Companies Act, 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;
d) “relative” shall have the same meaning as assigned to it in clause (77) of
section 2 of the Companies Act, 2013;
(2) Unless the context otherwise requires, words and expressions used and not definedin these bye-laws shall have the meanings assigned to them in the Companies Act,2013.
III. OBJECTIVES
5. (1) The Organisation shall carry on the functions of the registered valuers organisation under the Companies (RegisteredValuers 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 aregistered valuers organisation.
IV. DUTIES OF THE ORGANISATION
6. (1) The Organisation shall maintain high ethical and professional standards in theregulation of its members.
(2) The Organisation shall –
a) ensure compliance with the Companies Act, 2013 and rules, regulations andguidelines issued thereunder governing the conduct of registered valuers
organisation and registered valuers;
b) employ fair, reasonable, just, and non-discriminatory practices for the enrolmentand regulation of its members;
c) be accountable to the authority in relation to all bye-laws and directions issued to itsmembers;
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 thathigh standards of professional and ethical conduct are maintained by its members;and
g) provide information about its activities to the authority.
V. COMMITTEES OF THE ORGANISATION
Advisory Committee of Members.
7. (1) The Governing Board may form an Advisory Committee of members of theOrganisation 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 GoverningBoard may provide.
Other Committees of the Organisation.
8. (1) The Governing Board shall constitute-
a) one or more Membership Committee(s) consisting of such members as it deemsfit;
b) a Monitoring Committee consisting of such members as it deems fit;
c) one or more Grievance Redressal Committee(s), with not less than threemembers;
d) one or more Disciplinary Committee(s) consisting of at least one membernominated by the authority.
(2) The Chairperson of each of these Committees shall be an independent director of theOrganisation.
VI. MEMBERSHIP ELIGIBILITY FOR ENROLMENT.
9. No individual shall be enrolled as a member if he is not eligible to be registered as aregistered valuer with the authority:
Provided that the Governing Board may provide additional eligibility requirements forenrolment:
Provided further that such additional requirements shall not discriminate on the grounds of religion, race, caste and gender, place of birth or professional affiliation. Process ofEnrolment as Member.
10. (1) An individual may apply for enrolment as a member by submitting an applicationin such form, in such manner and with such fees as may be specified by theOrganisation.
(2) The Organisation shall examine the application in accordance with the applicableprovisions of the rules, regulations and guidelines thereunder.
(3) On examination of the application, the Organisation shall give an opportunity tothe 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 thecriteria for enrolment or does not remove the deficiencies or submit additionaldocuments 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 additionaldocuments or clarification by the Organisation, as the case may be.
(7) The acceptance of the application shall be communicated to the applicant, alongwith a certificate of membership.
(8) An applicant aggrieved of a decision rejecting his application may appeal to theMembership Committee of the Organisation within thirty days from the receipt ofsuch decision.
(9) The Membership Committee shall pass an order disposing of the appeal in themanner it deems expedient, within thirty days of the receipt of the appeal.
Membership Fee.
11. The Organisation may require the members to pay a fixed sum of money as its annualmembership fee.
Register of Members.
12. (1) The Organisation shall maintain a register of its professional members, containingtheir-
(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) detailsofdisciplinaryproceedingspendingagainsthimwiththe Organisation; and
(i) details of orders passed against him by the authority or DisciplinaryCommittee 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 suchinspection.
VII. DUTIES OF MEMBERS
13. 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) dischargehisfunctionswiththehigheststandardsofprofessional competence andprofessional 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 hisprofessional activities unless required to disclose such information by law.
14. The Organisation shall have a Code of Conduct that shall be consistent with, and thatshall provide for all matters in the Code of Conduct as specified in the Part-I.
VIII. MONITORING OF MEMBERS
15. The Organisation shall have a Monitoring Policy to monitor the professional activitiesand 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 anddirections given by the Governing Board.
16. A member shall submit information about ongoing and concluded engagements as aregistered valuer, in the manner and format specified by the Organisation, at leasttwice a year stating inter alia, the date of assignment, date of completion and referencenumber of valuation assignment and valuation report.
17. The Monitoring Committee shall review the information and records submitted by themembers in accordance with the Monitoring Policy.
18. 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 ofthe 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.
19. The Monitoring Policy shall –
a) have due regard for the privacy of members,
b) provide for confidentiality of information received, except when disclosure ofinformation is required by the authority or by law, and
c) be non-discriminatory.
20. The Organisation shall submit a report to the authority in the manner specified by the authority with information collected during monitoring, including informationpertaining 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.
IX. GRIEVANCE REDRESSAL MECHANISM
21. (1) The Organisation shall have a Grievance Redressal Policy providing theprocedure for receiving, processing, redressing and disclosing grievances againstthe 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 theOrganisation; or
c) any other person or class of persons as may be provided by the GoverningBoard.
(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 DisciplinaryCommittee, wherever the grievance warrants disciplinary action.
22. 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 tothe 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 tothe 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 periodicreview of the Grievance Redressal Mechanism.
X. DISCIPLINARY PROCEEDINGS
23. The Organisation may initiate disciplinary proceedings by issuing a show-cause noticeagainst 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.
24. (1) The Organisation shall have a Disciplinary Policy, which shall provide for thefollowing –
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 ofnatural 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 appropriatecases, recommendation of the amount of restitution or compensation that maybe 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 hasfound that the member has committed-
a) an offence under any law for the time being in force, punishable withimprisonment for a term exceeding six months, or an offence involving moralturpitude;
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 ofthe Organisation within seven days from passing of the said order, with one copyeach being provided to each of the parties to the proceeding.
(5) Monetary penalty received by the Organisation under the orders of the DisciplinaryCommittee shall be used for the professional development.
25. (1) The Governing Board shall constitute an Appellate Panel consisting of oneindependent director of the Organisation, one member each from amongst thepersons 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 deemsexpedient, within thirty days of the receipt of the appeal.
XI. SURRENDER OF MEMBERSHIP AND EXPULSION FROMMEMBERSHIP Temporary Surrender of Membership.
26. (1) A member shall make an application for temporary surrender of his membership ofthe 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 thirtydays from the date of application for temporary surrender, the name of themember shall be temporarily struck from the registers of the Organisation, andthe same shall be intimated to the authority.
(2) No application for temporarily surrender of membership of the Organisation shallbe accepted if –
a) there is a grievance or disciplinary proceeding pending against the memberbefore 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 theCompanies 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 surrenderedmembership when the conditions for temporary surrender as provided in sub-clause (1) cease to be applicable, and upon acceptance of the application forrevival, the name of the member shall be re-inserted in the register of theOrganisation, and the same shall be intimated to the authority.
Surrender of Membership
27. (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 thirtydays from the date of such acceptance, the name of the member shall be struckfrom the registers of the Organisation, and the same shall be intimated to theauthority.
28. Any fee that is due to the Organisation from a member surrendering his membershipshall be cleared prior to his name being struck from the registers of the Organisation.
29. 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 memberbefore 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 tosuch process.
Expulsion from Membership
30. 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 setaside 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.