ANNEXURE

AGREEMENT FOR EMPANELMENT OF PANEL VALUER

This Agreement for Empanelment of Panel Valuer ( ) made on the

_____ of _____

between

LIC Housing Finance Limited, a company registered under the Companies Act 1956 and
registered as a housing finance company with the National Housing Board, having its
registered office at 2nd floor Bombay Life Building, 45/47 Veer Nariman Road Fort Mumbai
400001, hereinafter referred to as (which expression shall unless repugnant to
the context and meaning and shall deem to mean and include its successors and assigns) of
the ONE PART;

AND

The person named in Schedule 1 hereto as and hereinafter referred to as of

the OTHER PART.

LICHFL and the Panel Valuer are hereinafter collectively referred to as the and
individually as a .

WHEREAS:

1. LICHFL is, inter alia, engaged in the business of providing housing finance and other
property related assistance to customers.

2. With regards to its housing finance business, LICHFL requires specialized services of
panel valuers for assisting LICHFL in arriving at the amount of finance to be
disbursed for the land and building ( ), by determining the correct
and realistic valuation of the same, after taking into account, inter alia, the status of
construction of the building to be financed, the market value of such Specified Assets.

3. The Panel Valuer has represented to LICHFL that he/its partners have the requisite
skill, knowledge, qualifications, experience, expertise, infrastructure and capability
required for valuation of the Specified Asset and has accordingly, applied to LICHFL
for empanelment/ appointment as a panel valuer.

4. LICHFL, relying on the application by the Panel Valuer and the representations made
therein, wishes to avail of the services of the Panel Valuer and the Panel Valuer has
agreed to render the valuation services on the terms and conditions specified herein.

5. LICHFL hereto wishes to record the terms and conditions pursuant to which the Panel
Valuer shall be appointed/ empaneled by the LICHFL.

Part of Cir no. 238 Empanelment of Valuer Page 14 of 30

NOW THEREFORE IT IS AGREED TO AMONGST THE PARTIES AS FOLLOWS:

1. APPOINTMENT AND SCOPE OF WORK

1.1. LICHFL hereby appoints/ empanels the Panel Valuer, subject to terms and conditions
set out in this Agreement and the Panel Valuer accepts the said appointment/
empanelment with effect from ___________ ( ).
*The effective date of this Agreement should correspond to the date of the letter of
appointment.

2. DURATION OF EMPANELMENT

2.1. The duration of the empanelment shall be for a period of 2 years with effect from the
Effective Date ( ) unless terminated earlier by LICHFL as per the provisions of
this Agreement.

2.2.
discretion of LICHFL.

3. FEES AND CHARGES

3.1. The Panel Valuer shall raise an invoice on LICHFL setting out, inter alia, details of
each individual valuation assignment undertaken by it.

3.2. The fees of the Panel Valuer for a particular valuation assignment shall be in line with
the fee schedule at Annexure A hereto and LICHFL shall pay the Panel Valuer
accordingly for the valuation services. Such payments shall be subject to deductions for
taxes and other statutory deductions in accordance with applicable laws.

3.3. The Panel Valuer will not be entitled to claim any amount from LICHFL or towards
travelling expenses or any other out of pocket expenses arising out of the appointment/
empanelment.

3.4. For avoidance of doubt it is clarified that LICHFL shall have the right to set off, deduct
and recover from the fees and charges and/or from any other sum payable to the Panel
Valuer under this clause, any and all amounts which may be or become payable by the
Panel Valuer to LICHFL.

3.5. LICHFL shall not be obligated to make any payment under this Agreement except to the
extent provided in this clause.

4. REPRESENTATONS AND WARRENTIES

4.1. The Panel Valuer hereby represents and warrants, as follows:

4.1.1. by virtue of entering into this Agreement, the Panel Valuer will not (i) be in
breach of any express or implied terms of any documents, contracts, agreements
or any other instruments to which it is a party or of any other obligation binding

Part of Cir no. 238 Empanelment of Valuer Page 15 of 30

 on such Party and (ii) violate any law, rule, regulation or order applicable to the
Panel Valuer;

4.1.2. the Panel Valuer has the full power and authority to enter into, execute and
deliver this Agreement and to perform the duties and obligations contemplated
hereby;

4.1.3. the execution and delivery of this Agreement by the Panel Valuer and the
performance by such Party of the duties and obligations contemplated hereunder
have been duly authorized by all necessary corporate or other action (including
but not limited to obtaining necessary approval(s) /consent(s) /registration(s)
under applicable laws) of the Panel Valuer;

4.1.4. by the Panel Valuer possesses the necessary skills, knowledge, qualifications,
experience and expertise required for valuation of the Specified Asset and also
has the capability, personnel and infrastructure required to perform his/ its
duties and obligations in accordance with professional standards, the terms of
this Agreement and to the satisfaction of LICHFL.

4.1.5. by the Panel Valuer is in accordance with the provisions of Companies Act,
2013 ( ) and Companies (Registered Valuers and Valuation) Rules, 2017
( ), duly registered as a valuer for the Specified Asset(s) and has also
obtained all other requisite permissions, licenses, authorizations for carrying out
valuation of the Specified Asset;

4.1.6. {a majority of the partners practicing in India of the Panel Valuer are duly
registered as valuers in accordance with the provisions of the Act and Rules
under the following registration numbers:

4.1.6.1. [Insert name of the partner 1: Insert registration number

4.1.6.2. Insert name of the partner 2: Insert registration number
4.1.6.3. Insert name of the partner 2: Insert registration number]}
*This representation should be taken only when the Panel Valuer if a
partnership firm.

4.1.7. the Panel Valuer has not concealed or suppressed any material information and
facts prejudicial to the interest of LICHFL and has made a complete and full
disclosure at the time of application for empanelment, and shall disclose
immediately to LICHFL any such developments that may take place during the
tenure of his/its empanelment with LICHFL.

4.1.8. where the Panel Valuer is an individual, such individual and where the Panel
Valuer is a firm, all its partners, is/ are adult citizens of India.

4.1.9. by the Panel Valuer is not be related to any of the personnel in the department/
division of LICHFL dealing with valuation work directly.

Part of Cir no. 238 Empanelment of Valuer Page 16 of 30

 4.1.10. no order has been made or a suit or petition presented for the bankruptcy, or for
any arrangement for the benefit of, all or any class of creditors of by the Panel
Valuer and no receiver, administrator, custodian or other official appointed by
any court or any government authority, in relation to the assets of by the Panel
Valuer;

4.1.11. there has been no criminal investigation, proceeding or conviction involving by

the Panel Valuer;

4.1.12. there has been no civil claim, investigation or proceeding involving an

accusation of moral turpitude against by the Panel Valuer;

4.1.13. there has been no legal or disciplinary action taken against the Panel Valuer/ any
member of the firm by any person in connection with his/ its professional
career.

4.1.14. by the Panel Valuer has no pecuniary or other interest in any subject matter
pertaining to this Agreement that could reasonably be regarded as being capable
of affecting his ability to give an unbiased report to LICHFL.

5.

5.1. The Panel Valuer hereby acknowledges that it shall, in addition to the terms and
conditions of appointment/ empanelment specifically stated herein, also be governed by
the policies and guidelines framed by the LICHFL, rules, regulations, and such other
practices, systems, procedures and instructions as may be issued from time to time. The
Panel Valuer undertakes to abide by and comply with the said rules, regulations,
practices, systems, procedures, guidelines, instructions and policies framed by the
LICHFL.

5.2. The Panel Valuer shall abide by and comply with the code of conduct of the valuation
professional Organisation of which he/it is a member as well as the provisions of the
model code of conduct contained in the Rules and reproduced herein at .

6. The Panel Valuer shall obtain all the requisite licenses, permissions, authorizations
6.1. under all the applicable laws including under the Act and Rules. Moreover, the Panel
Valuer shall also ensure that it keeps such licenses, permissions and authorizations valid
by renewing the same from time to time, as may be required under applicable laws.

6.2. The Panel Valuer shall carry out all lawful and reasonable instructions given in relation
to his appointment/ empanelment by LICHFL. The Panel Valuer shall accept
instructions given in relation to his appointment/ empanelment under this Agreement
only from LICHFL. The Panel Valuer shall in the performance of his/ its duties under
this Agreement, not take into account any information that may be provided to the Panel
Valuer by a person other than LICHFL except where such information has been
provided to the Panel Valuer in the normal and ordinary course of his business

Part of Cir no. 238 Empanelment of Valuer Page 17 of 30

6.3. The Panel Valuer shall perform his duties and responsibilities in a proper, ethical,
diligent, professional and efficient manner; including always acting in good faith, and in
accordance with the code of conduct of the valuation professional organization of which
it is a member as well as the code of conduct attached herewith;

6.4. The Panel Valuer shall make an impartial, true and fair valuation of any assets which
may be required to be valued and any failure to do so shall, inter alia, attract penal
consequences under S.247 of the Act;

6.5. The Panel Valuer shall comply with all applicable laws and other provisions of this
Agreement relating to protection and use of Confidential Information and intellectual
property of LICHFL;

6.6. The Panel Valuer shall not engage in any business or activities which may conflict with
the performance of his duties and obligations under this Agreement;

6.7. The Panel Valuer shall keep LICHFL fully informed of all matters material to his
duties/ obligations under this Agreement and the business and interests of the LICHFL.

6.8. The Panel Valuer shall immediately notify LICHFL, in writing, of any event/
circumstance which is likely to cause or should it have reason to believe that there may
be any event/ circumstance which is likely to cause impediments or disruptions in the
due performance of the duties and obligations (hereinafter referred to as ) of the
Panel Valuer under this Agreement. The Panel Valuer shall, together with such
notification, submit a report of the Event resulting in stoppage of the work of LICHFL.
Notwithstanding anything contained in this Agreement, should the Panel Valuer notify
LICHFL of such Event, LICHFL shall have the right to terminate this Agreement, by

6.9. Unless specifically authorized by LICHFL in writing, the Panel Valuer shall not at any

purpose of this Agreement.

6.10. The Panel Valuer agrees that it is not authorized to and undertakes not to make any
commitment on behalf of LICHFL about sanction of loan. The sanction of a loan shall
be at the sole discretion of LICHFL.

6.11. [The Panel Valuer shall ensure that its employees/personnel shall at all times conduct
themselves within the parameters of the law and shall not commit, abet or permit the
commission of any illegal act while executing a valuation assignment under this
Agreement and in the event, where such illegal act has been committed, abetted or
permitted to be committed by the employees/ personnel of the Panel Valuer, the Panel
Valuer shall be liable for all consequences thereof and LICHFL shall not be liable
whether directly or indirectly.

6.12. The Panel Valuer shall ensure and undertakes that its employees/ personnel do not make
any claim whatsoever on LICHFL and do not raise any industrial dispute either directly
or indirectly with or against LICHFL, in respect of any of the service condition or
otherwise.

Part of Cir no. 238 Empanelment of Valuer Page 18 of 30

6.13. That the Panel Valuer shall immediately notify LICHFL in writing if any of its
employees/ personnel or any other person engaged by the Panel Valuer have cited any
breach of any of the clauses of the employment agreement/ arrangement with the Panel
Valuer or have committed any act amounting to moral turpitude or have been arrested
by police or have been removed from/ have left the employment of the Panel Valuer or
committed any act which in the opinion of the Panel Valuer affects the integrity of the
person. LICHFL shall have the right to call upon the Panel Valuer to replace any
personnel/ employees of the Panel Valuer who in the sole opinion of LICHFL are
jeopardizing the interests of LICHFL and the Panel Valuer shall forthwith comply with
the demand of LICHFL.

6.14. That the Panel Valuer shall procure from its employees and from such other staff as
LICHFL may require an undertaking not to disclose to any third party any Confidential
Information or knowledge concerning the business of LICHFL and take such steps as
may be required to prevent any breach of the terms of such undertaking, as LICHFL
may direct.

6.15. The Panel Valuer undertakes to execute such further and other documents as may be
required by LICHFL.

7. DUTIES OF THE PANEL VALUER

7.1. In carrying out the valuation assignment under this Agreement, the Panel Valuer shall,
inter alia, perform the following duties:

7.1.1. The Panel Valuer should visit the site of the Specified Asset and verify the
existence of the Specified Asset as specified in the title records;

7.1.2. During the inspection of the Specified Asset, Panel Valuer should take recourse to
local enquiries regarding prevailing market rate from diverse sources;

7.1.3. The Panel Valuer should verify whether the construction is as per cost estimate, and
estimates are reasonable.

7.1.4. The Panel Valuer should carry out the necessary investigations regarding the
location of the property, the statutory compliances, the stage and quality of
construction, built-up area, condition of approach road & internal roads, water
supply line, sewerage line, power line, progress of work, type of construction,
condition of RCC, wood work, electric wiring, plumbing, electrical fittings, water
connection & other relevant information.

7.1.5. The Panel Valuer should assess the value of the Specified Asset & the extent of
work done.

7.1.6. The Panel Valuer should get the building plan approval verified before valuing the
property and certify that it has verified the building plan before giving his valuation.
This Certificate should form part of the valuation.

Part of Cir no. 238 Empanelment of Valuer Page 19 of 30

 7.1.7. The Panel Valuer should enclose photographs of the Specified Asset along with the
his\ its valuation reports. The Panel Valuer should put his\ its signature at the back of
the photograph with his\their seal duly affixed along with date of inspection.

7.1.8. The Panel Valuer should visit the Specified Asset to be financed and record the
status of construction and other observations in a report (the format of which will be
as notified by LICHFL from time to time). The Panel Valuer will also check the
actual construction vis-a-vis the sanctioned plans.

7.1.9. The Panel Valuer should record all factors, which might have an effect on the easy
marketability accessibility of the Specified Asset. In case of a resale of the Specified
Asset in addition to the above criteria, the Panel Valuer will check the internal
condition of the Specified Asset.

7.1.10. If the site visit is prior to a second/subsequent loan disbursement the Panel Valuer
should check the stage of construction and indicate whether the progress is as per
schedule and comment on the quality of construction.

7.1.11. In cases where the Panel Valuer feels that a check of additional documents or further
information is required, the same should be indicated on the report. The Panel
Valuer would also be required to guide LICHFL regarding any changes in or
additions to or deviations from the plans or any laws, rules, regulations guidelines
etc made or issued by the government any organization concerning or affecting the
construction/housing industry.

7.1.12. When the valuation assignment is with regards to residential projects of builders, the
Panel Valuer shall while appraising these projects also ensure that the project
location is as per LICHFL requirements (in terms of city boundaries, etc.) and
should highlight any item which needs to be so done (such as proximity to an
effluent disposing industrial unit or main road etc.) The Panel Valuer should also
know the types of units to be constructed, the per sq. ft. rate and other amenities
being offered by the builder.

7.1.13. Panel Valuer should check title documents to verify name and dimensions.

7.1.14. The Panel Valuer shall perform the aforesaid duties in accordance with the
instructions/guidelines specified by LICHFL to the Panel Valuer from time to time.

7.1.15. The valuer has to ensure that construction is as per the National Building Code of
India (NBC) 2005.

7.1.16. The Panel Valuer should also ensure that the construction is carried out/being
carried out in accordance with the safety specifications prescribed in the guidelines
issued by the National Disaster Management Authority (NDMA).

8. VALUATION REPORT & VALUATION STANDARDS

8.1. The report of the Panel Valuer shall be in the format prescribed by LICHFL and shall,
inter alia, set out the following details:

Part of Cir no. 238 Empanelment of Valuer Page 20 of 30

 8.1.1. Background information of the Specified Asset;
8.1.2. Purpose of valuation and appointing authority;
8.1.3. Identity of the valuer and any other experts involved in the valuation;
8.1.4. Disclosure of valuer interest/conflict, if any;
8.1.5. Date of appointment, valuation date and date of report;
8.1.6. Sources of information;
8.1.7. Procedures adopted in carrying out the valuation;
8.1.8. Valuation methodology;
8.1.9. Major factors that influenced the valuation;
8.1.10. Conclusion; and
8.1.11. Caveats, limitations and disclaimers

8.2. Unless otherwise specified by LICHFL, the Panel Valuer is expected to submit his
valuation report within 2 working days from the date of allotment of cases.

8.3. All the valuation reports made by the Panel Valuer shall be made after diligently
complying with the applicable law and the applicable procedures/guidelines/instructions
laid down by LICHFL in this regard. Once the valuation report has been submitted to
LICHFL, the observations made therein shall be legally binding on the Panel Valuer.

8.4. The Panel Valuer shall make valuations as per the valuation standards notified from
time to time by the Central Government and until such time as the valuation standards
are notified by the Central Government, the Panel Valuer shall make valuations as per
internationally accepted valuation methodology or valuation standards adopted by any
valuation professional organization or valuation standards specified by Reserve Bank of
India, Securities and Exchange Board of India or any other statutory regulatory body.

9. CONFIDENTIALITY AND NON-DISCLOSURE

9.1. The Panel Valuer recognizes and acknowledges that in the course of his appointment/
empanelment with LICHFL, he/ his employees will come into possession of, and
receive confidential information, including without limitation business plans, business
related functions, business systems, processes and services, customer details, trade
secrets, know how, practices, proprietary information, business strategies, marketing
strategies, documents, data, application software, systems, statements, relating to the
LICHFL (collectively, ).

9.2. The Panel Valuer/ his/ its employees/ personnel unconditionally agree(s) and
undertake(s) that he/ they shall:

9.2.1. hold in trust, keep confidential and not disclose to any third party or make any
improper use of the Confidential Information;
9.2.2. not cause the transmission, removal or transport of Confidential Information from
or such other place of business specified by the
LICHFL, without prior written approval of the LICHFL;
9.2.3. take all the necessary actions to protect the Confidential Information against
misuse loss, destruction, deletion and/or alteration;

Part of Cir no. 238 Empanelment of Valuer Page 21 of 30

 9.2.4. not to make or retain any copies or record of any Confidential Information
submitted by LICHFL other than as may be required for the performance of the

9.2.5. not to misuse or permit misuse of the Confidential Information directly or

indirectly and/ or commercially exploit the Confidential Information for economic
or other benefit;
9.2.6. notify LICHFL promptly of any unauthorized or improper use or disclosure of the
Confidential information;
9.2.7. return all the information, which is in the custody of the Panel Valuer/ his/ its
employees/ personnel at the end of the particular valuation assignment;

10. INDEMNITY

10.1. The Panel Valuer hereby undertakes to indemnify and hold harmless LICHFL from
and against any action and all losses, liabilities, costs, claims, damages and expenses
( ) which LICHFL may incur in relation to, arising out of, or otherwise in
respect of any act, omission, error or negligence of the Panel Valuer or his/its

, including but not limited to:

10.1.1. any wrongful, incorrect, dishonest, criminal, fraudulent or negligent work,
misfeasance, disregard of duties of the Panel Valuer or his/ its employees/
personnel;
10.1.2. any breach or any of the provisions of this Agreement including any of its
Annexures by the Panel Valuer or his/ its personnel;
10.1.3. any breach of confidentiality obligations set out in Cl.7 hereinabove by the
Panel Valuer and/or his/ its employees/ personnel;
10.1.4. any Losses caused to LICHFL or its customers for any default or mistake or
error or commission of any act which is not authorized or done in accordance
with the procedure laid down by LICHFL;
10.1.5. any Losses sustained by LICHFL as a result of incorrect report made by the
Panel Valuers or any of his/ its employees/ personnel.

10.2. It is clarified that in the event the Panel Valuer breaches any of the covenants,
representations, warranties and other terms and conditions of this Agreement or
misrepresents or conceals any information, facts, statements, data reports etc. or
provides any information that subsequently turns out to be false, LICHFL may, in
addition to any other remedy/recourse, have the right to report the same to the
institution governing the said Panel Valuer irrespective of whether LICHFL has
suffered any loss or damage on account of such breach, misrepresentation, information
being false, as the case may be.

10.3. The provisions set out in this Clause shall survive the expiration or termination of this
Agreement.

Part of Cir no. 238 Empanelment of Valuer Page 22 of 30

11. ACCOUNTS AND RECORDS

11.1. The Panel Valuer should maintain written contemporaneous accounts and records for
all its acts and operations in connection with the valuation assignments undertaken by
it under this Agreement including for any decision taken, the reasons for taking the
decision, and the information and evidence in support of such decision.

11.2. The record and account shall be maintained in such a manner so as to sufficiently

actions including his/its decisions.

11.3. The Panel Valuer shall forthwith upon being required by LICHFL, allow LICHFL or
any of its authorized representatives to inspect, audit or take copies of any records
maintained under this Agreement. The Panel Valuer should also cooperate in good
faith with LICHFL to correct any practices which are found to be deficient as a result
of any such audit within a reasonable time after receipt of the report from LICHFL.

12. TERMINATION

12.1. Termination for convenience: Without prejudice to any other rights and remedies
available to LICHFL under this Agreement, LICHFL shall have the right to terminate
at its own behest the appointment/ empanelment of the Panel Valuer during the Term,
without assigning any reason whatsoever, by giving 15 (fifteen)
Panel Valuer.

12.2. Termination for cause: This Agreement may be terminated by the LICHFL for

reasonable opinion of the LICHFL, the Panel Valuer :

12.2.1. fails or neglects to observe or exploits or allows to be committed any breach of the
terms, conditions, provisions or stipulations required to be performed by it under
this Agreement and where such breach is remediable, fails to remedy such breach
within reasonable time;

12.2.2. If any of the representations made by the Panel Valuer are found to be false;

12.2.3. If the Panel Valuer does or suffers any act or thing or omits to do any act, thing
deed or matter as a result of which the business of LICHFL may or is likely to
suffer;

12.2.4. If Panel Valuer acts beyond the scope of this Agreement or is suspected of
falsifying the records;

12.2.5. If the Panel Valuer by its act or omission gives LICHFL reasonable ground to
suspect that its rights may be prejudiced or jeopardized;

12.2.6. Where the

much as the asset is found to be over valued or undervalued.

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12.3. Upon the termination or expiration of this Agreement for any reason whatsoever the
Panel Valuer shall:

12.3.1. Immediately cease to act/ operate as a panel valuer empaneled/ appointed by

LICHFL and shall not hold itself out as such. The Panel Valuer shall refrain from
taking any and all action that would or may indicate there is a subsisting
relationship between LICHFL and it.
12.3.2. Forthwith return to LICHFL all documents, statements, computer floppies and any
and all other materials supplied to it by LICHFL, in the course of performing its
duties and obligations under this Agreement.

12.4. The termination of this Agreement shall not release any Party from any liability which
at the time of termination has already been accrued.

13. PRINCIPAL TO PRINCIPAL AGREEMENT

13.1. It is agreed to between both the Parties that this Agreement is on a principal to-
principal basis and nothing contained in this Agreement shall be construed as
establishing or creating any relationship between the Panel Valuer and LICHFL other
than that of independent contractor. The Panel Valuer shall not by any acts, deeds or
otherwise represent to any person that the Panel Valuer is representing or acting as an
agent of LICHFL except to the extent and purpose permitted herein.

14. NO WARRANTIES WITHOUT AUTHORITY

14.1. The Panel Valuer shall make no statement, representation or claim and shall give no
warranty to any person in respect of the business of LICHFL save as may be
specifically authorized in writing by LICHFL.

15. ASSIGNENT AND SUB-CONTRACTING

15.1. Except with the prior written consent of LICHFL, the Panel Valuer shall not in whole
or in part, assign, transfer, sub-contract or otherwise dispose of, its rights or obligations
under the present Agreement.

15.2. It is however clarified for avoidance of doubt that LICHFL shall be entitled to
assign/transfer its rights, benefits and obligations under this Agreement to any person.

16. NOTICE

16.1. Each notice, demand or other communication given or made under this Agreement
shall be in writing and delivered or sent to the relevant Party at its address set out below
written
notice specified to the other Parties). The notice, demand or communication shall be
sent to the address designated in Cl. 16.2 below by registered post A.D. or courier only.

16.2. As on the Effective Date, the address, facsimile and email for each of the Parties for
the purposes of the Agreement are:

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 If to LICHFL:
Name : [_______]
Address : [__________]
Email : ________________

If to the Panel Valuer:

Name :
Address :
Email : ______________

17. TIME IS THE ESSENCE

17.1. In so far as the observance and/or performance by the Panel Valuer of its duties and
obligations under this Agreement is concerned, time shall be of essence.

18. JURISDICTION & GOVERNING LAW

18.1. This Agreement shall be governed and interpreted in accordance with Indian Law.

18.2. It is agreed by and between the Parties that the Courts of will have
exclusive jurisdiction in respect of any matter, claim or dispute arising out of or in any
way relating to this Agreement.

The parties to this Agreement have set their hands to it on the day mentioned herein above.

SIGNED AND DELIVERED by the within named party

i.e. LIC Housing Finance Limited, under the hand of
Shri
(Name and Designation)

SIGNED AND DELIVERED by the within named party

i.e. , under the hand of
Shri
In case of partnership firm all the partners shall sign
In case of a company the duly authorized representative of the company shall sign.
The board resolution containing such authorization should be obtained

Schedule 1
Details of Panel Valuer

Name of Panel Valuer (legal name in full as

per relevant identity document)
Constitution of the Panel Valuer (as per [Individual/Corporate/Partnership Firm/LLP]
relevant identity document)
Address of Panel Valuer (Registered Office)
(as per relevant identity document)

Part of Cir no. 238 Empanelment of Valuer Page 25 of 30

 FEE SCHEDULE]

Loan Value Fees payable to Panel valuers

Upto Rs.5 Lakhs Rs.1,000/-
More than Rs. 5 Lakhs to Rs.10 Lakhs Rs.1,000/-
More than Rs.10 Lakhs to Rs.25 Lakhs Rs.2,500/-
Above Rs.25 Lakhs Rs.3,000/-

MODEL CODE OF CONDUCT FOR REGISTERED VALUERS

(Under Rule 12(e) of the Companies (Registered Valuers and Valuation) Rules, 2017)
Integrity and Fairness
1.A valuer should in the conduct of his/its business follow high standards of integrity and fairness
in all his/its dealings with his/its clients and other valuers.
2.A valuer should maintain integrity by being honest, straightforward, and forthright in all
professional relationships.
3.A valuer should endeavor to ensure that he/it provides true and adequate information and shall
not misrepresent any facts or situations.
4.A valuer should refrain from being involved in any action that would bring disrepute to the
profession.
Professional Competence and Due Care
5.A valuer should render at all times high standards of service, exercise, due diligence, ensure
proper care and exercise independent professional judgment.
6.A valuer should carry out professional services in accordance with the relevant technical and
professional standards that may be specified from time to time
7.A valuer should continuously maintain professional knowledge and skill to provide competent
professional service based on up-to-date developments in practice, prevailing
regulations/guidelines and techniques.
8.In the preparation of a valuation report, the valuer should not disclaim liability for his/its
expertise or deny his/its duty of care, except to the extent that the assumptions are statements
of fact provided by the company and not generated by the valuer.
9.A valuer should have a duty to carry out with care and skill, the instructions of the client insofar
as they are compatible with the requirements of integrity, objectivity and independence.
Independence and Disclosure of Interest

10.A valuer should act with objectivity in his/its professional dealings by ensuring that his/its
decisions are made without the presence of any bias, conflict of interest, coercion, or undue
influence of any party, whether directly connected to the valuation assignment or not.
11.A valuer should not take up an assignment under the Act/Rules if he/it or any of his/its relatives
or associates is not independent in relation to the company and assets being valued.
12.A valuer should maintain complete independence in his/its professional relationships and shall
conduct the valuation independent of external influences.
13.A valuer should wherever necessary disclose to the clients, possible sources of conflicts of
duties and interests, while providing unbiased services.
14.A valuer should not deal in securities of any subject company after any time when he/it first
becomes aware of the possibility of his/its association with the valuation, and in accordance
with the SEBI (Prohibition of Insider Trading) Regulations, 2015.

Part of Cir no. 238 Empanelment of Valuer Page 26 of 30

 in order to

prior valuer if there is knowledge of any prior valuer having been appointed before accepting
the assignment.
16.As an independent valuer, the valuer should not charge success fee.
17.In any fairness opinion or independent expert opinion submitted by a valuer, if there has been a
prior engagement in an unconnected transaction, the valuer should declare the past
association with the company.
Confidentiality
18.A valuer should not use or divulge to other clients or any other party any confidential
information about the subject company, which has come to his/its knowledge without proper
and specific authority or unless there is a legal or professional right or duty to disclose.
Information Management
19.A valuer should ensure that he/ it maintains written contemporaneous records for any decision
taken, the reasons for taking the decision, and the information and evidence in support of
such decision. This should be maintained so as to sufficiently enable a reasonable person to
take a view on the appropriateness of his/its decisions and actions.
20.A valuer should appear, co-operate and be available for inspections and investigations carried
out by the Registration Authority, any person authorised by the Registration Authority, the
Valuation Professional Organisation with which he/it is registered or any other statutory
regulatory body.
21.A valuer should provide all information and records as may be required by the Registration
Authority, the Tribunal, Appellate Tribunal, the Valuation Professional Organisation with
which he/it is registered, or any other statutory regulatory body.
22.A valuer while respecting the confidentiality of information acquired during the course of
performing professional services, should maintain proper working papers for a period of three
years, for production before a regulatory authority or for a peer review. In the event of a
pending case before the Tribunal or Appellate Tribunal, the record should be maintained till
the disposal of the case.
Gifts and hospitality.
23.A valuer, or his/its relative should not accept gifts or hospitality which undermines or affects his
independence as a valuer.
24.A valuer should not offer gifts or hospitality or a financial or any other advantage to a public
servant or any other person, intending to obtain or retain work for itself, or to obtain or retain
an advantage in the conduct of profession for itself.
Remuneration and Costs.
25.A valuer should provide services for remuneration which is charged in a transparent manner, is a
reasonable reflection of the work necessarily and properly undertaken, and is not inconsistent
with the applicable rules.
26.A valuer should not accept any fees or charges other than those which are disclosed to and
approved by the persons fixing his/ its remuneration.
Occupation, employability and restrictions.
27.A valuer should refrain from accepting too many assignments, if he/it is unlikely to be able to
devote adequate time to each of his/ its assignments.
28.A valuer should not engage in any employment, except when it has temporarily surrendered his
certificate of membership with the Valuation professional Organisation with which it is
registered.
29.A valuer should not conduct business which in the opinion of the Registration Authority is
inconsistent with the reputation of the profession.

Part of Cir no. 238 Empanelment of Valuer Page 27 of 30

 Annexure VAL- 5

FORMAT FOR REVIEW OF PANEL VALUER\VALUATION AGENCIES

01 Name of the Panel Valuer/Valuation Agency

02. Code No. of the Panel Valuer/Valuation Agency

03. Date of first Empanelment
Date of latest empanelment &
04. Period of Empanelment (From/To)
Names of authorized representatives
05.
No. of cases allotted during the reviewing period
06.
Nature of Valuation carried out Valuation of APF Cases/Rental Securitization
07. cases/Apna Office cases/Griha Vikas Cases/Cases
with Loan amount > 50 lacs/ Other than above.
Average Turn Around Time taken for submitting
7. the Report to LICHFL
8. No. of Complaints received against Panel
Valuer\Valuation Agency.
9 Nature of Complaints about the Panel
Valuer/Valuation Agency
10. Instances of any incorrect or false information
provided by the Panel Valuer/Valuation Agency
11. Performance of the Panel Valuer\Valuation
Agency during the period of Review
(Very Good/ Good/Average/Poor)

The performance of the Agency has been : (Very Good/Good/Average/Poor)

The empanelment of Panel Valuer/Valuation Agency may be: Renewed/Terminated

The Valuer/Valuation Agency can be entrusted Valuation of :

Nature of Valuation job YES NO

APF
Griha Vikas
Rental Securitization
Apna Office
High Value Loan amount
> Rs.50 lacs

Recommendation Of

Area Manager Manager (Operations)

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