SEBI recognizes RICS professionals as valuers
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.
In the notification, SEBI has recognized all RICS certified professionals as valuers for technical asset valuation. SEBI has set forth a condition that RICS professionals should have a minimum work experience of five years in relevant areas of valuation practice and in relation to relevant asset value and categories.
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.
“RICS sets ethical and professional standards globally. We create knowledge that can be shared around the world and advise policy makers in society’s interest. We are glad that SEBI has recognized RICS certified professionals asvaluers for REIT assets. This strengthens our position as the world’s leading professional qualification and standards setting body for land, property and construction sectors” said Sachin Sandhir, Global Managing Director- Emerging Business, RICS.