Securities And Exchange Board Of India - Subsection
Section 13(1) in Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014
(1)The valuers shall comply with the following conditions at all times,-(a)the valuer shall ensure that the valuation of the InvIT assets is impartial, true and fair and is in accordance with regulation 21;(b)the valuer shall ensure adequate and robust internal controls to ensure the integrity of its valuation reports;(c)the valuer shall ensure that it has sufficient key personnel with adequate experience and qualification to perform valuations;(d)the valuer shall ensure that it has sufficient financial resources to enable it to conduct its business effectively and meet its liabilities;(e)the valuer and any of its employees involved in valuing of the assets of the InvIT, shall not,-i. invest in units of the InvIT or in the assets being valued; andii. sell the assets or units of InvITs held prior to being appointed as the valuer, till the time such person is designated as valuer of such InvIT and not less than six months after ceasing to be valuer of the InvIT;(f)the valuer shall conduct valuation of the InvIT assets with transparency and fairness and shall render, at all times, high standards of service, exercise due diligence, ensure proper care and exercise independent professional judgement;(g)the valuer shall act with independence, objectivity and impartiality in performing the valuation;(h)the valuer shall discharge its duties towards the InvIT in an efficient and competent manner, utilizing its knowledge, skills and experience in best possible way to complete given assignment;(i)the valuer shall not accept remuneration, in any form, for performing a valuation of the InvIT assets from any person other than the InvIT or its authorized representative;(j)the valuer shall before accepting any assignment [from any related party of the InvIT] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).], disclose to the InvIT any direct or indirect consideration which the valuer may have in respect of such assignment;(k)the valuer shall disclose to the InvIT any pending business transactions, contracts under negotiation and other arrangements with the investment manager or any other party whom the InvIT is contracting with and any other factors that may interfere with the valuer's ability to give an independent and professional valuation of the assets;(l)the valuer shall not make false, misleading or exaggerated claims in order to secure assignments;(m)the valuer shall not provide misleading valuation, either by providing incorrect information or by withholding relevant information;(n)the valuer shall not accept an assignment which interferes with its ability to do fair valuation;(o)the valuer shall, prior to performing a valuation, acquaint itself with all laws or regulations relevant to such valuation.
