The Ministry of Corporate Affairs (MCA) on Monday amended a policy on Graduation as an essential qualification for registered valuers.
According to the latest policy, non-graduate chartered accountants with three years of experience can register as a valuer. The previous rule barred non-graduate CAs from practising as a registered valuer.
The Institute of Chartered Accountants of India (ICAI) in a release explained that it requested the central government to amend rules.
"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," said the release.
ICAI explained to the MCA that the Chartered Accountancy Course approved by the Government allowed 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," said the release.
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 [old policy] will actually contradict the existing course under the Chartered Accountants Act approved by the Government.
A registered valuer is required to carry out valuation of assets, net worth of a firm or its liabilities as required under the Companies Act, 2013.