Best Registered Valuer Organizations (RVO) in the Country

Best Registered Valuer Organizations (RVO) in the Country

Consumers expect best service, easy access to information and satisfactory experience at every point of interaction with a service provider.

In order to meet these increasing expectations, organizations rely on technology, collect and act on feedback from customers, and realign their internal systems to provide better service.

The Registered Valuer Organizations (RVO) in the country are no different from regular service providers. They are here to provide service in the form of providing information to candidates about the valuation course, conduct the 50-hour minimum educational course, help candidates succeed in the examination, provide continuing education to professional members etc. They must also monitor the independent functioning of registered valuers and educate them on ethical and professional matters.

Being service organizations, are the RVOs in the country doing a good job? We are here to assess that. Several readers of our blog have written to us asking about the ‘best RVO’ in the country to pursue the valuation course. The journey of a registered valuer begins with his initial association with an RVO. Since it’s the first important step, we thought it is fit to assess the RVOs and provide our readers with relevant information to help in their decision making.

At the time of this writing, there are 14 RVOs in the country. Following is the list of RVO ordered by their registration number issued by IBBI;

1. RVO Estate Managers and Appraisers Foundation

2. IOV Registered Valuers Foundation

3. ICSI Registered Valuers Organisation

4. IIV India Registered Valuers Foundation

5. ICMAI Registered Valuers Organisation

6. ICAI Registered Valuers Organisation

7. PVAI Valuation Professional Organisation

8. CVSRTA Registered Valuers Association

9. Association of Certified Valuators and Analysts

10. CEV Integral Appraisers Foundation

11. Divya Jyoti Foundation

12. Nandadeep Valuers Foundation

13. All India Institute of Valuers Foundation

14. International Business Valuers Association

Most of the RVOs are concentrated in the northern parts of India. Here is a region wise summary of RVOs

  • Delhi : 7
  • Maharashtra: 4
  • West Bengal : 1
  • Gujarat : 1
  • Punjab : 1

A full list and web addresses of the RVO can be found here (

We think this evaluation will not only help our readers select the right RVO, but also bring forth information on several smaller, less known RVOs.

In order to rate RVOs we first list down the criteria by which we must conduct our evaluation. Some of the criteria we thought relevant to our readers are

Criteria 1:

Quality of the 50-hour educational course including information about trainers.

Criteria 2:

Online resources for students and prospective members such as reading materials, blogs, mock tests.

Criteria 3

General information content about the valuation course and the profession.

Criteria 4

RVO’s own research papers, peer review information and valuation standards.

Criteria 5

Background of the RVO - Board composition

Criteria 6

Overall content arrangement and ease of access of information on the website


We want to make clear that our methods are not comprehensive. It is limited to the information put out by the RVOs in the public domain and based on a limited number of direct enquiries with our readers. We also simulated ourselves as a student who has access to the internet and looking to undertake the valuation course. We examined the websites of all the RVOs in the country licensed by IBBI, conducted brief interviews with select students who have undertaken the 50-hour educational course and also consulted select registered valuers.

Here are our findings.

Quality of the 50-hour educational course including information about trainers.

We looked at the details for the 50-hour educational course put up by the RVOs on their websites. Mostly the information about the course is just copy-past of the syllabus verbatim from the IBBI website. Divya Jyoti Foundation displayed the old syllabus (2018) of securities or financial asset examination at time of our review.

In most RVO websites, new batch information is mostly in the form of a flyer or a pop-up on the screen, rather than being integrated with the website. Payment and registration for the course are mostly done in offline mode, except in the cases of International Business Valuers Association (IBVA) - a new RVO, and ICMAIRVO, who have online registration as well as payment facility.

Very few RVOs have disclosed training hours dedicated to each topic in the syllabus. Only CEV Integral Appraisers Foundation (CEVRVO) provides the number of training hours dedicated to each topic in the IBBI prescribed syllabus. The CEVRVO has also provided access to faculty PowerPoint presentations as reading materials for everyone’s access.

Only a few RVOs provide names and biographies of the trainers for the 50-hour course. For instance, ICAIRVO mentions all the names of the faculty members. Similarly, IOVRVF - an old valuation institution - has provided names of faculty members but no further information of their background. In the case of IOVRVF, most faculties deal with Land and Building (L&B) and very few faculties teach securities or financial assets (SFA).

The first RVO in the country - RVO Estate Managers and Appraisers Foundation – too provides limited details of faculty members. Mumbai based PVAI Valuation Professional Organisation, while lacking in other aspects, provides detailed information about faculties. It is also noteworthy that their faculties have excellent academic and professional background. Most other RVOs such as Delhi based All India Institute of Valuers Foundation (AIIOVF), a recently formed RVO, or an older RVO like ICSIRVO have put up no information about faculties.

RVOs that don’t reveal faculty names usually struggle finding subject matter experts and tend to over-rely on few professionals to deliver on diverse topics. This according to us is an important rating factor for students. We believe the 50-hour course is the first level of acquaintance of a candidate to the valuation course. His/her future preparation technique is influenced by the faculty’s advice. A good set of faculties who are subject matter experts has a significant impact on the candidate’s chances of success in the examination.

We also invite readers’ attention to the RVOs who have published their own study materials for the securities or financial assets (SFA) valuation exam. In this regard ICSIRVO merits attention. They have published a full set of study material and multiple-choice questions (MCQ) book available for purchase for all (ICSIRVO registrants and others).

We have perused the IOVRVF published study material available for download for free on the IBBI website. In the absence of any other consolidated material, we think the IOVRVF is an ‘acceptable’ study option. But if you are a serious student, we advise studying beyond the IOVRVF free book since several topics are not dealt in required depth here. Also, the book lacks tests/MCQs. We have perused sections of the ICSIRVO book and we find the contents comprehensive.

Most other RVOs promise study materials for the 50-hour course, but in reality, the materials are just PowerPoint slides used by the faculties for presenting in the classroom. The PPT slides are usually not comprehensive in nature and students may find it less useful for a thorough preparation after completing the 50 hours course.

Online resources for students and prospective candidates - reading materials, blogs, mock tests

A related information we assessed is the availability of study materials, blog content, general FAQs and advice on the course and profession. In this regard we commend ICAIRVO for its extensive guidance on valuation related topic available free of cost for all.

It is obvious that the ICAIRVO is a pioneer in valuation and Chartered Accountants have been always at the forefront on the subject matter of valuation. ICAIRVO is the only RVO with an online Learning Management System (LMS). However, this facility is available only to ICAIRVO members and its students. So, we have not tested the usefulness of the LMS.

Most RVOs have simply uploaded the IBBI-prepared model question paper as a ‘mock test’ on their site. No RVO has published their own mock/model question papers. This shows the dearth of original content creation in the industry.

While we commend ICAIRVO for content leadership, most of the published content are relevant mainly for professional valuers - such as format of valuation reports, valuation standards to be adhered etc. Most of these materials would be felt as ‘advanced’ by a student of the course, though reading those material is definitely helpful. There is little material directly relevant to passing the IBBI valuation exam on the ICAIRVO website. We are not sure if these materials are restricted behind the LMS paywall.

General information content about the valuation course and the profession.

Next, we looked at availability of information about registered valuers and members of the RVO. All RVOs provide this information as a webpage or as a downloadable PDF file. This is helpful for prospective members and students as they can reach out to RVs for advice/suggestions. This appears to be a mandatory IBBI requirement because the compliance is 100%. However, the information is restricted to email addresses only.

Also, FAQs about the course, registration and other matters on ICAIRVO website is the best among all. We found some original content on ICAIRVO, while other RVOs simply reproduce IBBI website content.

RVO’s own research papers, peer review information and valuation standards.

ICAIRVO is the only RVO in the country that has issued Valuation Standards. Members of any RVO, can optionally follow the ICAIRVO standards or any international valuation standards while undertaking a valuation assignment.

RVO Estate Managers and Appraisers Foundation have provided peer review comments that members can read and improve their practice.

Though ICAIRVO claims that it has published a ‘whitepaper’ on fair valuation, our perusal of the paper found that nothing significant emerges from the work. It seems like a repetition of existing textbook concepts on valuation. Nevertheless, the volume of valuation related guidance in the form of technical guides, FAQs and similar material published by ICAIRVO is significant.

Background of the RVO - Board composition

The details of the governing board of the RVOs are available on the respective websites. A few RVOs have not provided a detailed biography containing experience of the board members. For instance, Delhi based All India Institute of Valuers Foundation (AIIOVF) and Meerut based Divya Jyoti Foundation merely mention director names, qualification and years of experience without shedding any light on the background of the directors such as previous employers, academic experience (teaching and publishing achievements) affiliation with other professional institutions, professional highlights etc.

ICSIRVO and ICAIRVO have experienced board members, and true to their principles, have provided complete information of all directors and key managerial personnel – their experience, qualifications, career achievements etc.

We assess this parameter on the guidepost of disclosure and transparency. We also rate RVO Estate Managers and Appraisers Foundation high on this scale due to its excellent board strength and disclosure standards. We accord similar rating to IOVRVF and ICSIRVO.

Overall content arrangement and ease of access of information on the website

We also assess the general content arrangement and ease of access of information on the websites. Except a few RVOs such as RVO Estate Managers and Appraisers Foundation or ICAIRVO, ICSIRVO, and ICMAIRVO, content presentation and availability of information is poor.

Most RVO sites use distracting pop-ups to advertise upcoming batches and CPE programs. Newer RVOs don’t have updated newsletters or good educational reading material. For this, one has to revert to the IBBI website.

In several cases website pages are not properly updated. Overall, we find the RVO industry’s information quality, technology savviness, disclosure standards etc., to be quite poor.

In conducting this assessment, we faced connectivity issues with several RVO websites. The website hyperlink for ICAIRVO provided in the official IBBI site doesn’t work. We are forced to go through a Google search to open ICAIRVO site. Similarly, we faced issues in accessing content on ICSIRVO site. The Association of Certified Valuators & Analysts is another website with loading issues. Our scoring system takes into account these facts.

In the case of AIIOVF, peer review report is not uploaded even though a hyperlink for the same is displayed on the website. Interestingly IBBI reports that AIIOVF has complied with uploading peer review report on its website here. A hyperlink called “Certificates” on the AIIOVF website leads to nowhere.

The Best RVOs

In conclusion we are constrained to pick only 2 notable mentions which according to us rate ‘above average’ and designate the rest in the ‘below average’ category. Here are the final rankings. We rate ICAIRVO as the best RVO in the country. Next, we rate RVO Estate Managers and Appraisers Foundation as the second best RVO. We would have liked ICSIRVO also be ranked high, but we are constrained by technical problems in accessing the website. Nevertheless, if this is corrected, we would rank it high on our scale.

Analysis Spreadsheet

We hope this assessment helps in making a decision about the appropriate RVO for you. We have also introduced the smaller RVOs in the country which are of recent accreditation. As the saying goes, the only constant is change. We expect the industry to improve its standards and offer better services to its students and members. We also expect newer entrants to enter the field offering greater service using better technology, offering better learning resources and member services.