TaxTMI 
TaxTMI 
Transfer of Membership from one RVO to another
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..... 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 services ....
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....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 Rs. 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 issue: (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, within seven days of receipt of the application; Or If the application does not comply wit....
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....jection. 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 the application, if any, required by RVO-1, (c) evidence of educational course undergone by him under rule 5 of the Rules, and (d) an undertaking that he has met all the requirements of transfer of membership of 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+28 T+14 (Deemed no objection under ....
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....l Number 1, RVO-1 shall inform the deficiency in the application to the applicant within seven days of receipt of the application. If no response is received from RVO-1 within seven days of the receipt of application, it shall be deemed that RVO-1 has no objection to transfer of membership. T+7 3 RV Where RVO-1 has informed the deficiency in the application, the applicant shall address the same. If he does not address the deficiency within seven days of being informed about deficiency, the application shall stand closed at RVO-1. T+14 4 RVO-1 After the RV has addressed the deficiency in the application in accordance with the requirement against Serial Number 3, RVO-1 shall forward the application to the Board alon....
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.... the application from the applicant for transfer of membership to RVO-2, as referred to in the requirements against Serial Number 5. T+21 (Application in pursuance to Serial Number (2) T+35 (Application in pursuance to Serial Number (4) 7 RV The RV shall apply to RVO-2 for enrolment in the manner prescribed under the Rules, along with the permission issued by the Board, within seven days of the receipt of the permission. T+28 / T+42 8 RVO-2 RVO-2 shall process application for enrolment in accordance with the Rules. As per Rules 9 RVO-2 RVO-2 shall inform the Board and RVO-1 immediately on enrolment of the RV, confirming therein the date of enrolment. RV shall seize to be a member of RVO-1 fro....