X Ltd. requires the services of a qualified professional for valuation of its asset class "Securities or Financial Assets" as per the provisions of the Companies Act, 2013. P who is appearing in the professional examinat

A Company Secretary in practice is recognized to be registered valuer for the asset class "Securities or Financial Assets" under the Companies (Registered Valuer and Valuation) Rules, 2017. Meaning of term "Securities or Financial Assets": Where valuation is required to be made in respect of any property, stocks, shares, debentures, securities, or goodwill or any other assets or net worth of a company or its liabilities of a company under the provisions of Companies Act, 2013, it shall be valued by a person having such qualifications and experience and registered as a valuer in such manner, on such terms and conditions as prescribed under Section 247 of the Companies Act, 2013 read with Companies (Registered Valuers and Valuation) Rules, 2017. Under Section 2(81) of the Companies Act, 2013, "securities" means the securities as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956; Under Section 2(1) of SARFAESI Act, 2002, "financial asset" means debt or receivables and includes- a claim to any debt or receivables or part thereof, whether secured or unsecured; or any debt or receivables secured by, mortgage of, or charge on, immovable property; or a mortgage, charge, hypothecation or pledge of movable property; or any right or interest in the security, whether full or part underlying such debt or receivables; or any beneficial interest in property, whether movable or immovable, or in such debt, receivables, whether such interest is existing, future, accruing, conditional or contingent; or any beneficial right, title or interest in any tangible asset given on hire or financial lease or conditional sale or under any other contract which secures the obligation to pay any unpaid portion of the purchase price of such asset or an obligation incurred or credit otherwise provided to enable the borrower to acquire such tangible asset; or any right, title or interest on any intangible asset or licence or assignment of such intangible asset, which secures the obligation to pay any unpaid portion of the purchase price of such intangible asset or an obligation incurred or credit otherwise extended to enable the borrower to acquire such intangible asset or obtain licence of the intangible asset; or any financial assistance. Eligibility of the professional to be engaged for such purpose: To act as a Registered Valuer in the Securities or Financial Assets the person should be the member of the Institute of Chartered Accountants or the Institute of Cost Accountants of India or the Institute of Company Secretaries of India; or MBA/PGDBM specialization in finance or; Post Graduate Degree in Finance and should have at least three years of experience in the discipline. Further, the person needs to complete and pass the Valuation Specific Education Course as per syllabus specified under Rule 5 of the Companies (Registered Valuers and Valuation) Rules, 2017. According to Rule 3 of the Companies (Registered Valuers and Valuation) Rules, 2017, a person is eligible to be a registered valuer if he/she- (a) is a valuer member of a registered valuers organisation; Explanation - For the purposes of this clause, "a valuer member" is a member registered valuers organisation who possesses the requisite educational qualifications and experience for being registered as a valuer; (b) is recommended by the registered valuers organisation of which he is a valuer member for registration as a valuer; (c) has passed the valuation examination under rule 5 within three years preceding the date of making an application for registration under rule 6; (d) possesses the qualifications and experience as specified in rule 4; (e) is not a minor; (f) has not been declared to be of unsound mind; (g) is not an undischarged bankrupt, or has not applied to be adjudicated as a bankrupt; (h) is a person resident in India; (i) has not been convicted by any competent court for an offence punishable with imprisonment for a term exceeding six months or for an offence involving moral turpitude, and a period of five years has not elapsed; and (k) is a fit and proper person. In view of above provisions P is not eligible to act as the valuer because he does not possess requisite qualifications as Member of ICSI, Member of the registered valuer organization and a minimum of three years' experience in the discipline.