Amendment of section 247

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....ons by the Valuation Authority; (b) is a member of a recognised valuers' organisation; and (c) holds a valid certificate of registration as a valuer."; (b) after sub-section (1), the following sub-sections shall be inserted, namely:- "(1A) The Insolvency and Bankruptcy Board of India established under section 188 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) shall be the Valuation Authority for the purposes of this section. (1B) The Valuation Authority shall-- (a) grant or renew certificate of recognition to valuers' organisations subject to such terms and conditions as may be specified by regulations by the Valuation Authority; (b) grant or renew certificate of regis....

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....sections shall be substituted, namely:- "(3) If a recognised valuers' organisation contravenes the provisions of this section or rules or regulations made thereunder, the Valuation Authority may suspend or cancel its certificate, for a minimum period of six months or such higher period not exceeding ten years, in such manner as may be specified by regulations made by the Valuation Authority, or impose a penalty of up to one crore rupees, or both; (3A) If a registered valuer contravenes the provisions of this section or the rules or regulations made thereunder, the Valuation Authority may suspend or cancel the certificate of registration, for a minimum period of six months or such higher period not exceeding ten years in su....

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....rt shall take cognizance of any offence under sub-section (3C) or sub-section (3D), which is alleged to have been committed by any recognised valuers' organisation or any registered valuer, except on a complaint in writing by an officer authorised in this behalf by the Valuation Authority or by the Central Government."; (e) in sub-section (4), in the opening portion, for the words, brackets and figure "under sub-section (3)", the words, brackets, figure and letter "under sub-section (3C)" shall be substituted; (f) after sub-section (4), the following shall be inserted, namely:- '(5) The Valuation Authority shall make recommendations to the Central Government on the formulation and laying down of valuation policies....

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....e to the generality of the foregoing powers, such regulations may provide for all or any of the following matters, namely:-- (a) qualifications and experience of valuers who may be registered under sub-section (1); (b) the terms and conditions under which an organisation may be recognised under sub-section (1B); (c) the terms and conditions under which the valuers may be registered under sub-section (1B); (d) the manner in which the valuation shall be made by the valuers under clause (c) of sub-section (2); (e) inspection and investigation of affairs of the organisations which are recognised and registered valuers under clause (e) of sub-section (1B); (f) manner of suspension or cancella....