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TMI BlogTransfer of Membership from one RVO to anotherX X X X Extracts X X X X X X X X Extracts X X X X ..... rofession. They have the responsibility to admit, groom, monitor and discipline the members of the profession, and while doing so, they must follow well established norms of governance befitting a regulatory State. Keeping their responsibilities in view, the Rules prescribe the composition of Governing Board of an RVO, and manner of discharge of its powers and functions. The reputation of the valuation profession and the professional members hinges on the reputation of the RVO concerned. Being the new entities in the regulatory space, the conduct and performance of RVOs are being watched very closely by the stakeholders. 2. The Rules envisage a competitive industry of RVOs, where they compete with one another to provide better valuation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Particulars / Requirements Maximum Timeline (Days) (1) (2) (3) (4) 1 Member A Member applies to the RVO (RVO-1), where he is enrolled as a Member, seeking no objection to transfer his membership to another RVO (hereafter RVO-2), along with: (a) a transfer fee, as may be specified by RVO-1, which shall not exceed ₹ 500/-, (b) any other amount due from the member to RVO-1, and (c) membership certificate, if any. T 2 RVO-1 If the application complies with the requirements against Serial Number 1, RVO-1 shall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... RVO-1 has issued no objection to transfer of membership T+21 5 Member The Member shall apply to RVO-2 for enrolment in the manner prescribed under the Rules, along with: (a) no objection to transfer of his membership, and (b) a statement of educational course undergone by the Member under rule 5 of the Rules, as issued by RVO-1, within seven days of receipt of no objection. Where no objection is deemed to be issued, the Member shall apply to RVO-2 for enrolment in the manner prescribed under the Rules, along with: (a) evidence of submission of application to RVO-1 seeking transfer of membership, (b) evidence of addressing deficiency in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hip certificate, (d) his registration certificate, (e) his certificate of practice, if any, (f) a statement of assignments as an RV he is having on hand under the Rules, (g) a statement that no disciplinary proceeding, if any, initiated by RVO-1 or the Board, is pending against him, and (h) a statement of complaints pending against him. NA 2 RVO-1 If the application complies with the requirements against Serial Number 1, RVO-1 shall forward the application to the Board along with its views on transfer of membership to RVO-2 and endorse a copy of the same to the applicant, within seven days of receipt of the application; Or If the ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idence of submission of application to RVO-1 seeking transfer of membership, and (b) evidence of addressing deficiency in the application, if any, required by RVO-1, within seven days of issue of deemed no objection under the requirements against Serial Number 2 or that of Serial Number 4, as the case may be T+14 (Deemed no objection under Serial Number 2) T+28 (Deemed no objection under Serial Number 4) 6 Board The Board may: (a) grant permission to transfer of membership from RVO1 to RVO-2 or (b) refuse permission to transfer of membership along with reasons for refusal, within seven days of receipt of the application and the views of R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Registration to RV and confirm the same to RV, RVO-1 and RVO-2. 11 RV RV shall not take up any new assignment from the date he applies for transfer to RVO-1 till the date he is enrolled as a member by RVO-2. NA 5. In case an RV, which is an entity, seeks transfer of membership from RVO-1 to RVO-2, the process outlined under Table 2 shall be followed in respect of the RV entity. 6. The respective timelines stated above, if ending on a Public Holiday, will stand extended to the next working day. However, public holidays falling in between the timelines shall not result in any extension of timeline. 7. All correspondences for this purpo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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