MCA has accepted the ICAI request/ representation to remove the criteria of a Chartered Accountant (CA) being a Graduate to become a Registered Valuer and has accordingly modified the Companies (Registered valuers and Valuation) Rules, 2017. Now, any qualified Chartered Accountant with 3 years experience can register as a valuer, i.e. a CA is not required to be a Graduate to become Registered Valuer.
ICAI Press Release dt. 26 Nov. 2018
Chartered Accountants need not to be a Graduate to become Registered Valuer
Valuation is a highly specialised field which can be performed by the professionals having a blend of finance, accounting and finance. Chartered Accountants are best suited for valuation as at various levels of Chartered Accountancy course, the syllabus includes various topics and methodology of Valuation which creates a strong knowledge base for a CA student.
As per the Companies (Registered valuers and Valuation) Rules, 2017 issued by the Ministry of Corporate Affairs in October, 2017, a Chartered Accountant having three years of Post-qualification experience and qualified as a Graduate was allowed to become a Registered Valuer.
It was informed to the Ministry of Corporate Affairs that the Chartered Accountancy Course that has been approved by the Government, allows a 10+2 student to enroll for Chartered Accountancy Course. It does not mandate a student to be a Graduate for enrolling in the course. Hence, a Chartered Accountant may or may not be a Graduate.
Therefore, it is not appropriate to make it mandatory for a Chartered Accountant who possesses a professional degree to be a Graduate for becoming a Registered Valuer. This will actually contradict the existing course under the Chartered Accountants Act approved by the Government. ICAI had requested the Central Government to remove the criteria of a Chartered Accountant being a Graduate to become a Registered Valuer.
The Ministry of Corporate Affairs has amended the said rules and on ICAI request, the criteria for becoming Registered Valuers for Chartered Accountants has been changed. Any Chartered Accountant, having three years of Post-Qualification experience as a Chartered Accountant can become a Registered Valuer. Now, a Chartered Accountant is not required to be a Graduate to become a Registered Valuer.