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Idbi AnnexureA PDF
Idbi AnnexureA PDF
I. Essential Criteria:
I (i)
A person shall be eligible to be empanelled as Valuer if he-
a) is a member in good standing of any one of the valuer associations,
b) possesses the qualifications and experience as specified in Appendix
c) is not a minor;
d) has not been declared to be of unsound mind;
e) is not an undischarged bankrupt, or has not applied to be adjudicated as a
bankrupt, is a person resident in India;
Explanation.─For the purposes of these rules 'person resident in India' shall have
the same meaning as defined in clause (v) of section 2 of the Foreign Exchange
Management Act, 1999 (42 of 1999) as far as it is applicable to an individual;
f) has not been convicted by any competent court for an offence punishable with
imprisonment for a term exceeding one month or for an offence involving moral
turpitude, and a period of five years has not elapsed from the date of expiry of the
sentence:
g) Provided that if a person has been convicted of any offence and sentenced in
respect thereof to imprisonment for a period of seven years or more, he shall not
be eligible to be registered;
h) has not been levied a penalty under section 271J of Income-tax Act, 1961 (43 of
1961) and time limit for filing appeal before Commissioner of Income-tax
(Appeals) or Income-tax Appellate Tribunal, as the case may be has expired, or
such penalty has been confirmed by Income-tax Appellate Tribunal, and five years
have not elapsed after levy of such penalty; and
i) is a fit and proper person:
Explanation.─ For determining whether an individual is a fit and proper person under
these rules, the authority may take account of any relevant consideration, including
but not limited to the following criteria-
a) it has been set up for objects other than for rendering professional or financial services,
including valuation services and that in the case of a company, it is not a subsidiary,
joint venture or associate of another company or body corporate;
c) all the partners or directors, as the case may be, are not ineligible under clauses (b), (c),
(d), (e),(f), (g), (h), (i) and (j) of clause no.I (i) above;
as per Appendix
ii) Completed at least five (5) assignments successfully as Valuer during
immediately preceding 3 years
iii) In case of companies / partnership firms undertaking valuations, the
qualification and experience shall apply to the lead valuers of the company/ all
partners of the partnership firm.
iv) The registration of the agency shall be at least three (3) years old.
v) The valuers shall be registered under Wealth Tax Act 1957 - Section 34AA to
34 AE) for undertaking valuation under the SARFAESI Act.
vi) Possess thorough knowledge of the extant RBI guidelines and also instructions/
circulars issued by RBI/IIBF/IBA or any other statutory authority from time to
time.
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Appendix
It is necessary that a valuer possesses proper educational qualifications which make him
competent to carry out the task of valuation of securities. In addition, relevant work
experience is also important. Educational Qualifications and Work Experience for
persons eligible for empanelment as valuers is given below:
From 01.01.2020, for fresh empanelment, preferably, only academically qualified valuers
possessing following qualifications in valuation of Land & Building / Real Estate may be
empanelled. Post Graduate degree in valuation of real estate from a recognised university
i.e. the universities established under State or Central Acts with 2 years’ experience in
valuation of real estate.
The educational qualifications for empanelment as valuers of Land & Building / real
estate from1.1.2016 till 31.12.2019 shall be as under:
Sr. Educational Work Remarks
No Qualification Experience
1 Bachelor’s degree in 5 years’ work The Applicants with these
Civil Engineering/ experience in the field qualifications should preferably
architecture/Town of valuation of real possess an additional qualification in
Planning or estate after the form of a certification
equivalent. completion of the examination on or before31.12.2019
degree or equivalent of duration of one semester or above
in the subjects which are vital for
valuation of real estate and not
covered in course curriculum of civil
engineering, architecture and town
planning and which is conducted by
recognized university established
understate or central Acts.
Note: The applicants empanelled
on the basis of criteria laid down
under Sr.no.1 shall be eligible for
empanelment even after 1.1.2020.
2 Diploma in Civil 8 years’ work They should preferably complete
Engineering/ experience in the field the certification course in valuation
Architecture. of valuation of real of real estate as prescribed under
estate after completion Sr.no.1 above.
of the diploma Note: The applicants empanelled
on the basis of criteria laid down
under Sr.no.2 shall be eligible for
empanelment even after 1.1.2020
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3 Pass in examination 2 years’ work
in Indian Banks’ experience in the field
Association valuation of valuation of real
of real estate estate after
recognized by the completing the
Govt. of India for examination
recruitment to
superior services or
posts conducted by
any institution
4 Master’s degree in 2 years’ work -
Valuation of real experience in the field
estate awarded by a of valuation of real
recognized University estate after completing
in India i.e. the examination
University established
under State or Central
Acts
5 Chartered/ Since the process of procurement of
Professional membership with these
membership of the organizations includes training as an
Royal Institution of integral component, no further
Chartered Surveyors experience requirement is being
(RICS)/American prescribed.
Society of
Appraisers
(ASA)/Appraisal
Institute (AI),USA/
other Internationally
reputed institutional
players ho fulfill the
criteria -obtained by
passing an
examination
equivalent to
examinations
mentioned under
sr.no. (3) & (4)
above.
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universities established under State or Central Acts with 2 years’ experience in valuation
of plant & machinery.
The educational qualifications for empanelment as valuers of plant & machinery from
17.11.2016 to 31.12.2019 shall be as under:
Sr Educational Work Remarks
No Qualifications Experience
1 Bachelor’s degree 5 years work The Applicants with these qualifications
in mechanical, experience in should preferably possess an additional
electrical, chemical, the field of qualification in the form of a certification
production, valuation of examination of duration of one semester or
electronics, plant & above on or before 31.12.2019 in the subjects
computer, industrial machinery which are vital for valuation of plant and
engineering and after machinery and not covered in course
any other stream of completion curriculum of mechanical, electrical,
Engineering as of the degree electronics, chemical, production, computer,
required by the or equivalent industrial engineering, and any other stream
Banks awarded by of Engineering as required by the Banks for
a recognized conduct of valuation of Plant and Machinery
Institute by Central and other equipments and which is conducted
Government for by recognized university established under
conduct of state or central Acts.
valuation of Plant Note: The applicants empanelled on the
and Machinery and basis of criteria laid down under Sr.no. 1
other equipments. shall be eligible for empanelment even
after 1.1.2020.
2 Diploma in 8 years work They should preferably complete certification
mechanical, experience in course in valuation of plant and machinery
electrical, the field of prescribed under Sr.no.1above.
production, valuation of The applicants empanelled on the basis of
chemical, plant and criteria laid down under Sr.no.2 shall be
electronics, machinery eligible for empanelment even after
computer, after 1.1.2020
industrial completion of
engineering and the diploma
any other stream of
Engineering as
required by the
Banks awarded by
a recognized
institute by
State/central
government for
conduct of
valuation of Plant
and Machinery and
other equipments.
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3 Master’s degree in 2 years work
Valuation of plant experience in
&machinery the field of
awarded by a valuation of
recognized plant &
University in India machinery
i.e. University after
established under completing
State or Central the
Acts examination
Empanelment to be carried out as per criteria laid down under the Wealth Tax Rule 8A
(3) and same is reproduced below:
Rule 8A (3) A Valuer of agricultural lands (Other than plantations referred to in sub-rule
(4) shall have the following qualifications, namely :-
(i) he must be a graduate in agricultural science of a recognized university and must
have worked as a farm valuer for a period of not less than five years; and
(ii) he must be a person formerly employed in a post under Government as Collector,
Deputy Collector, Settlement Officer, Land Valuation Officer, Superintendent of
Land Records, Agricultural Officer, Registrar under the Registration Act, 1908
(16of 1908), or any other officer of equivalent rank performing similar functions
and must have retired or resigned from such employment after having rendered
service in any one or more of the posts aforesaid for an aggregate period of not
less than five years.
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(iv) Valuers of Agricultural Land (Plantations) under Wealth Tax Rule 8A(4)
Educational qualifications and experience for Empanelment
A valuer of coffee plantation, tea plantation, rubber plantation cardamom plantation or, as
the case may be, shall have the following qualifications, namely:-
(i) He must have, for a period of not less than five years, owned, or acted as
manager of a coffee, tea, rubber, cardamom plantation having an area under
plantation of not less than four hectares in the case of a cardamom plantation or
forty hectares in the case of any other plantation; or
In the case of these assets criteria laid down under the Wealth Tax Rule 8A (7) to be
adopted.
Rule 8A (7) a Valuer of stocks, shares, debentures, securities, shares in partnership firms
and of business assets, including goodwill but excluding those referred to in sub-rules
(2)to (6) and (8) to (11), shall have the following qualifications, namely,
(i) He must be a member of the Institute of Chartered Accountants of India or the
Institute of Cost and Works Accountants of India [or the Institute of Company
Secretary of India]; and
(ii) He must have been in practice as chartered accountant or a cost and works
accountants or a company secretary for a period of not less than ten years and his
gross receipts from such practice should not be less than fifty thousand rupees in
any three of the five preceding years.
Intangible assets include brands, goodwill, customer relationships, copy right, patent,
trademark, software and intellectual property related rights. In order to have value,
intangible assets should generate some measurable amount of economic benefit to the
owner, such as incremental revenues or earnings (pricing, volume, and better delivery,
among others), cost savings (process economies and marketing cost savings) and
increased market share or visibility. Owners exploit intangibles either in their own
business (direct use) or through a license fee or royalty (indirect use).Valuation
assignments must estimate the value of intangibles, recognizing the volatility, ongoing
creation, and problems with protection and enforcement. A valuer of intangible assets
shall have following qualifications, namely:-
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(Application format for empanelment of Valuers with Banks)
(to be obtained in the Letterhead of the Valuer)
To
………………………..
………………………..
Date: …………………
Dear Madam/Sir,
Name:
Address
Tel.no : Mobile:
Email: Fax:
Registration with CBDT under Wealth Tax Act (Regn. No. and date and copy to be
enclosed):
……………………………………………………………………………………...
……………………………………………………………………………………...
Permanent Account Number (PAN) of Income Tax Department:……………….
References:
1)……………………………………………………………………………………
2)……………………………………………………………………………………
3)……………………………………………………………………………………
■ If the firm is partnership concern – Name of the Partners and a Brief profile with their
Qualification & experience
■ Registration number as allotted by ICAI/ other professional bodies
■ Details of major assignment handled so far (Furnish Nature of Assignment, Nature of
Assets, & Amount)
■ Whether any allied firms / partners are already empanelled for any other type of
valuation for the Bank / FI. If so, furnish details
■ Whether Applicant was delisted from any Bank’s Panel on any earlier occasion. If so
furnish details.
The above information about me is true to the best of my knowledge and if found
incorrect, I will be fully responsible for the consequences.
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UNDERTAKING
I/We,………………………….(name)Son-of Shri………….Proprietor/Partner/
Director of M/s……….., state that the information furnished above is true and correct to
the best of my/our knowledge. I/We agree that in the event that any
concealment/distortion of facts furnished above is brought to notice of the Bank
subsequent to empanelment/appointment by IDBI Bank Ltd, IDBI Bank Ltd would be at
liberty to terminate the said empanelment/appointment without notice or damages
whatsoever.
(Signature)
To be signed by authorized signatory
Designation
Dated: …………………
Enclosures:
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Proof and Experience:
a) Valuers need to furnish proof of experience. Any one of the following may be
accepted as proof of experience:
Letter of empanelment by any Bank / FI, which is valid on the date of application
Letter of empanelment by any Court of India, which is valid on the date of
application.
Registration Certificate under Wealth Tax Act, 1957, which is valid on the date of
application.
Letter of appointment as valuation consultant by Government of India / any State
Government.
Letter of appointment as valuer employee by Government of India / any State
Government.
Letter of appointment as a valuer employee by any eligible Limited Company
engaged in the business of valuation
Letter of appointment as a valuation consultant by any eligible Limited Company.
Letter of appointment as a valuer employee by any partnership/proprietorship
/private limited Company engaged in the business of valuation for the last five
years.
b) The valuer shall furnish a certified true copy of letter of empanelment by any Bank /
FI / NBFC / High Court etc. The Experience of the Valuer shall be calculated from
the date of his first empanelment with any Bank / Financial Institution/NBFC / High
Court or registration under Wealth Tax Act, 1957.
c) The valuer shall submit at least 3 reference letters from Bank / FI / NBFC / High
Court for whom the valuer had undertaken assignments in the past. The reference
letter shall be on the letter head of the Bank / Financial Institution /NBFC etc where
valuations have been done and shall be duly signed by a senior level manager /
officer.
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Format of undertaking to be submitted by the Valuers for empanelment
(Notes: (1) To be stamped as an Affidavit in accordance with the local Stamp Law in force in
the State in which it is sworn/affirmed before the Magistrate; and (2) To be affirmed before a
Notary Public or a Magistrate or any other person competent to administer oaths, who should
UNDERTAKING
I, ...................................................................................son / daughter of
………………………………………………... do hereby solemnly affirm and state that :
1)
c) I am not a minor;
g) Has not been convicted by any competent court for an offence punishable with
imprisonment for a term exceeding one month or for an offence involving moral
turpitude, and a period of five years has not elapsed from the date of expiry of the
sentence:
h) None of the promoter/directors/key personnel have been convicted of any offence and
sentenced in respect thereof to imprisonment for a period of seven years or more.
i) has not been levied a penalty under section 271J of Income-tax Act, 1961 (43 of 1961)
and time limit for filing appeal before Commissioner of Income-tax (Appeals) or Income-
tax Appellate Tribunal, as the case may be has expired, or such penalty has been
confirmed by Income-tax Appellate Tribunal, and five years have not elapsed after levy
of such penalty; and
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2) I am aware that No partnership entity or company shall be eligible to be empanelled
as valuer if:
a) it has been set up for objects other than for rendering professional or financial services,
including valuation services and that in the case of a company, it is not a subsidiary,
joint venture or associate of another company or body corporate;
c) all the partners or directors, as the case may be, are not ineligible under clauses (b), (c),
(d), (e),(f), (g), (h), (i) and (j) mentioned above;
4) I have not concealed or suppressed any material information, facts and records and I
have made a complete and full disclosure.
Notary Public
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