Section 12(1) in Companies (Registered Valuers and Valuation) Rules, 2017
(1)An organisation that meets requirements under sub-rule (2) may be recognised as a registered valuers organisation for valuation of a specific asset class or asset classes if -(i)it has been registered under section 25 of the Companies Act, 1956 (1 of 1956) or section 8 of the Companies Act, 2013 (18 of 2013) with the sole object of dealing with matters relating to regulation of valuers of an asset class or asset classes and has in its bye laws the requirements specified in Annexure-III;(ii)[it is a professional institute] [Substituted 'a professional institute' by Notification No. G.S.R. 1108(E), dated 13.11.2018 (w.e.f. 18.10.2017).] established by an Act of Parliament enacted for the purpose of regulation of a profession;Provided that, subject to sub-rule (3), the following organisations may also be recognised as a registered valuers organisation for valuation of a specific asset class or asset classes, namely:-(a)an organisation registered as a society under the Societies Registration Act, 1860 (21 of 1860) or any relevant state law, or;(b)an organisation set up as a trust governed by the Indian Trust Act, 1882 (2 of 1882).
