The proceedings arose from alleged enrolment of an ineligible individual as a valuer member in the Securities or Financial Assets class on a so- called “provisional” basis, collection of fees, permission to undergo mandatory training, and forwarding of the application to IBBI despite non-fulfilment of statutory eligibility criteria. The Authority held that the rules do not permit provisional or conditional enrolment and that only individuals meeting prescribed qualifications can be admitted and recommended. The RVO’s reliance on equivalence certificates, precedents, and FAQs was rejected as misplaced. IBBI suspended the RVO’s recognition for two years.