Registration as Valuers. 

2 (1) For the purposes of sub-section (1) of section 247, the Central Government or any authority, institution or agency, as may be notified by the Central Government, shall maintain a register to be called as the Register of Valuers in which there shall be registered the names, address and other details of the persons registered as valuers in pursuance of section 247. 

(2) The following persons shall be eligible to apply for being registered as a valuer: 
(a) a chartered accountant, company secretary or cost accountant who is in whole-time practice, or retired member of Indian Corporate Law Service or any person holding equivalent Indian or foreign qualification as the Ministry of Corporate Affairs may recognise by an order; 

Provided that such foreign qualification acquired by Indian citizen. 
(b) a Merchant Banker registered with the Securities and Exchange Board of India, and who has in his employment person(s) having qualifications prescribed under (a) above to carry out valuation by such qualified persons; 
(c) member of the Institute of Engineers and who is in whole-time practice; 
(d) member of the Institute of Architects and who is in whole-time practice; 
(e) A person or entity possessing necessary competence and qualification as may be notified by the Central Government from time to time. 

Provided that persons referred to in (a), (c) and (d) and qualified person in (b) above shall have not less than five years continuous experience after acquiring membership of respective institutions. 
Provided further that in the case of merchant banker the valuation report shall be signed by the qualified person. 
Provided also that persons referred to in (a) and (b) shall be in respect of requirement for a “financial valuation” and the persons referred to in (c) and 
(d) shall be in respect of requirement for a “technical valuation” and a person or a firm or Limited Liability Partnership or merchant banker possessing both the qualifications may act in dual capacity. 
Explanation: For the purposes of this rule, a person shall be deemed “to be in whole-time practice”, when individually or in partnership or in limited liability partnership or in merchant banker with other persons in practice who are members of other professional bodies, he, in consideration of remuneration received or to be received: 
(i) engages himself in the practice of valuation; or 
(ii) offers to perform or performs services involving valuation of any assets 
with the object of arriving at financial value of the asset being valued; or 
(iii) renders professional services or assistance in or about matters of principle or detail relating to valuation. 

(3) An application for registration as valuer shall be made in Form No. 17.1 by individuals and firms and Form No. 17.2 by others, along with the fee as provided in Annexure ‘B’.