SEBI recognizes RICS professionals as valuers for REIT assets
The Securities and Exchange Board of India (SEBI) has issued amendments to the Real Estate Investment Trusts (REIT) regulations of 2014, which now recognizes RICS certified professionals specializing in valuation of fixed assets as competent professionals to perform valuation of REIT assets. RICS (Royal Institution of Chartered Surveyors) is a global professional body for qualifications and standards in land, property, construction and associated environment issues.
The notification has brought partial parity between protocols followed by the Indian Banks Association (IBA) in valuation of fixed assets and SEBI’s proposal for valuation of REIT assets. As per the amended regulations, a person competent to perform technical valuation would require a prior professional experience of five years in valuation of assets of a similar category, apart from the membership of at least one Valuation Professional Organisation (VPO), amongst which RICS is listed as one such organization.