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.
About IOV:
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.
