The invention relates to a prosthetic mitral valve assembly (100), comprising:a self expandable stent (102) made of a shape memory material, the stent including an upper portion having an enlarged or flared end that tapers to a lower portion having a reduced diameter, thereby conforming to a shape of the native mitral valve;and a tricuspid valve assembly connected to the stent, the valve assembly comprising bovine pericardial tissue; characterized by:a plurality of anchoring members (104) adapted for penetrating surrounding tissue and preventing upward migration of the mitral valve assembly.