MONITORING POLICY

Introduction

RVO Estate Managers & Appraisers Foundation (herein after refer to as RVO ESMA Foundation) has framed its Monitoring Policy to monitor the professional activities and conducts of the members strictly as per the provisions of Companies Act, 2013, The Companies (Registered Valuers and Valuation) Rules , 2017 Regulations and guidelines issued there under, as well as our bye-laws and code of conduct.

The objective of the monitoring is to gather necessary information, records and documents to enable the monitoring committee, Governing Board of RVO ESMA Foundation and the Insolvency and Bankruptcy Board of India (IBBI in short) to monitor the performance and keep them informed with unbiased decision about the performance of our Registered Valuer
The Monitoring Committee will design and implement an appropriate check list and evaluation format to calculate ‘overall compliance point index’ which shall determine the degree of compliance with respect to provision of the act, rules, regulation, guidelines, byelaws, the Code of Conduct and the directions given by the Governing

3. Definitions

In this Policy, unless the context otherwise requires:

“Act” means the Companies Act 2013;
“Appellate Panel” means the authority constituted by the Governing Board of RVO ESMA Foundation under clause 25 of the Bye-Laws of RVO ESMA Foundation;
“Authority” means the Insolvency and Bankruptcy Board of India (IBBI);
“Committee” means the Disciplinary Committee constituted by the Governing Board of the Agency in terms of clause 8(1)(d) of the Bye-Law of RVO ESMA Foundation;
Disciplinary Proceeding” means the proceedings under this Policy;
“Partnership entity” means a partnership firm registered under the Indian Partnership Act, 1932 (9 of 1932) or a limited liability partnership registered under the Limited Liability Partnership Act, 2008 (6 of 2009);
“Governing Board” means the Board of Directors of RVO ESMA Foundation constituted under clause 4 of the Bye- Laws of RVO ESMA Foundation;
“Organisation” means the RVO ESMA Foundation Organisation (RVO ESMA Foundation), a section 8 Company, registered with Insolvency and Bankruptcy Board of India;
“Bye-Laws” means Bye-Laws of the RVO ESMA Foundation Organisation ( RVO ESMA Foundation) based on the Companies (Registered Valuers and Valuation) Rules, 2017 (Model Bye-Laws of Registered Valuers Organisation);
“IBBI" means the Insolvency and Bankruptcy Board of India established under section 188 of the Insolvency and Bankruptcy Code, 2016;

“Misconduct” means misdemeanour or other wrong doing or behaviour deemed to be inappropriate or unbecoming of a Registered Valuer or such other action or omission as barred under the Code of Conduct and dealt with in Section 12 of this This is further categorized as “Minor” and “Major” misconduct.
“Policy” means the Disciplinary Policy of RVO ESMA Foundation;
“Member” means an individual who is enrolled with RVO ESMA Foundation and registered with IBBI and includes an individual who was a member of RVO ESMA Foundation as on the date of the alleged misconduct;

All words and expressions used and not defined in this Policy, but defined in the Act, Companies (Registered Valuers and Valuation) Rules, 2017, shall have the same meaning as assigned to them in the

Members shall submit the information as per the format of RVO ESMA Foundation as given below

The monitoring Committee of RVO ESMA Foundation shall review the information and records submitted by the Registered Valuer Members in accordance with the said

4. Framework

Information to be Submitted

The Registered Valuers are required to report each assignment of a listed entity undertaken under the Companies Act 2013. He shall submit information about ongoing and concluded engagements as a registered valuer, in the manner and format specified by the Organisation, at least twice a year stating inter alia, the date of assignment, name of entity, date of completion and reference number of valuation assignment

The report should, inter alia, also include comments for all engagements being handled, on the following:

Non adherence to directions/regulation/law, if any, with reasons
Reasons for slippages in time lines, if any, separately for all cases

The RV/Members shall immediately, submit disclosures to RVO ESMA Foundation in accordance to the Circulars issued by IBBI from time to time of the following:

Number and status of such engagements being handled by the RV
Any conflict of interest likely to

The members are also required to inform any changes in professional or personal status like Employment Status, Conviction, Change of Nationality, Suspension or Restoration of registration by IBBI, etc.as and when occurs.

Frequency of Monitoring

Manner / Format of Submission of Information

Bye Law 18 (b) of RVO ESMA Foundation Law states that the Monitoring Policy shall provide for the manner and form of submission or collection of information

and records of the members, including by way of inspection.

Regulation 16 of RVO ESMA Foundation Laws states that “A member shall submit information, including records of on-going and concluded engagements as Registered Valuer, in the manner and format specified by the organization, at least twice a year stating inter-alia the date of assignment, date of completion and reference number of valuation assignment and valuation report.”

The half yearly return shall be submitted within 15 days from end of 31^st March and 30^th September every year, however, the said member should also inform the status of the assignment if not completed within the stipulated time.

Inspection

Refer to the RVO Estate Managers & Appraisers Foundation’s Bye Laws (Pt No. 18)

Obligations to comply with the Monitoring Policy

Every Member(s) will have the following obligations:

to comply with the provisions of the Act, Rules, Regulations, Guidelines issued thereunder, bye-laws, Code of Conduct and directions given by the Governing Board

to maintain record of its on-going and concluded assignments on regular basis
to mandatorily submit to RVO ESMA Foundation, the documents, reports etc. as laid down in the Monitoring Policy

Use, Analysis and Storage of Information and Records

The information collected and the records maintained of the Member(s) shall be solely for the use and analysis of ESMA RVO Foundation.

RVO ESMA Foundation shall maintain privacy with regard to such information subject to the statutory provisions of submission of information to the IBBI or any other authority under the Act for the time being in force.

The information and records may be maintained and stored by RVO ESMA Foundation, either in physical form or electronically on its database and shall also be constantly revised and updated as and when any information is received from the Member(s). having due regard for:

ensuring the privacy of members
RVO ESMA Foundation confidentiality of information received, except when disclosure of information is required by the Board or by law,
in a non-discriminatory,

EVALUATION OF PERFORMANCE OF MEMBERS

The Member(s) shall be evaluated in the manner as may be approved by the Committee.

REVIEW OF THE INFORMMATION

RVO ESMA Foundation shall review the information and records submitted by the Member(s)on an on-going basis. Any discrepancies or disqualifications that may arise during the review process must be addressed to the Committee.

REVIEW OF THE POLICY

The implementation of the Policy will be monitored and reviewed by the Committee and the Governing Board at regular intervals.

Format as per the Monitoring Policy of the Members

ANNEXURE-I

Name of the Valuer
Registered Membership
Registration No. of the Valuer
RV Membership no.
Asset Class
Purpose of Valuation
Appointing Authority
Date of Assignment
a) Date of Completion b) If incomplete, progress of the assignment)
Reference number of Valuation Assignment
Back ground Information of the asset being valued
Expert if any, involved in the Valuation
Date as on which valuation is made
Report Date
Nature and Source of Information
Methodology of valuation adopted
Transaction conducted with the stakeholders during the period of your appointment
Transaction conducted with third parties during the period of your appointment
Outcome of your appointment
Copy of the Valuation report
Remarks or Special note, if any
Further details of your appointment, if any

Date :

Place : Signature of the Valuer