IBBI calls for statutory recognition for Indian valuers
New Delhi, October 14: Insolvency and Bankruptcy Board of India (IBBI) has said there should be a statuary nod given to valuation professionals in India as that will help in streamlining the profession.
“IBBI is looking for valuers who are part of a setup which has accountability, responsibility and necessary skillset to manage their mandates. This is an important aspect of IBBI to have fair valuation of businesses and assets. I feel a statutory body should be established for valuers in India,” Insolvency and Bankruptcy Board of India (IBBI) chairman MS Sahoo said.
Mr. Sahoo was speaking at first ever "Global Valuation Summit" (GVS) organized by Institution of Valuers (IOV) in New Delhi.
The Corporate Affairs Ministry (MCA) has already mandated an institutional framework for regulation and development of valuation professionals. The panel is headed by IBBI Chairman M S Sahoo.
“India's economic transformation cannot be complete without enabling an environment that allows for easy and quick resolution of disputes and litigations, and allowing opportunities to non-performing companies to transform through change of management. The IBC, being one such global confidence-enabling initiative, can be successful only through accurate valuations based on in-depth analyses of various aspects that affect the companies that go in for resolution or liquidation,” Mr. P.K. Thiagarajan, President, IOV.
The valuation profession in India has seen a paradigm shift in the last 2 years with the notification of the companies (registered valuers and valuation) rules.
The initiatives by IBBI, the nodal body for implementing these regulations, have been largely effective. However, there remain challenges that need to be addressed in the context of the broader contours of the rules, applicability of the rules in the larger economic framework, the qualification criteria for valuers, the questions around regulators of the profession, valuation standards and employment opportunities for valuers etc.
Institution of Valuers (IOV) is the premier Institution having the outreach of nearing 30,000 valuer members through more than 50 branches PAN India. IOV enjoys a global status of premier valuation organization.
IOV is amongst the top five Valuers association of the world on the basis of registered valuation professionals.