TMI BlogSetting up of Institute of Valuation ProfessionalsX X X X Extracts X X X X X X X X Extracts X X X X ..... Setting up of Institute of Valuation Professionals - Commentaries / Editorials Dated:- 14-7-2009 - News - STRESS ON REGULATORY TECHNICAL ROLE; HIGH QUALITY EDUCATION EXAMINATION SYSTEM The Expert Group constituted by the Government to examine and make suggestions on the draft legislative proposals for regulation of Valuation Professionals has made wide-ranging recommendations including the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... setting up of an Institute of Valuation Professionals, as an independent autonomous and a corporate professional body. The proposed institute would function more as regulatory and technical body and play a promotional and facilitation role to ensure high quality education and examination system for the valuation profession. The Expert Group, chaired by Dr. Amit Mitra, Secretary Ge ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... neral, FICCI, delved on issues pertaining to the statutory framework for the regulation of Valuation Professionals, in general and the scope of the proposed Bill, in particular. The Ministry of Corporate Affairs, Government of India, vide its order dated November 04, 2008, constituted a 9-member Expert Group, chaired by Dr. Amit Mitra. The Members of the Group consisted of Mr. Bansi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dhar S Mehta, Past President, ICAI, Mr. Ashwani Puri, Expert, Valuations and Insolvency, PricewaterhouseCoopers, Mr. Ashok Haldia, Past Secretary, ICAI, Mr. Chandra Wadhwa, Past President, ICWAI, Mr. Bharat Wakhlu, TATA Services Limited, Mr. Jitesh Khosla, OSD, IICA, Formerly Joint Secretary, Ministry of Corporate Affairs, Mr. Jaikant Singh, Director, Ministry of Corporate Affairs, Ministry of Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... porate Affairs. Mr. Arun Chawla, Senior Director, FICCI was a Permanent Invitee to the Expert Group. Emphasizing the need to lay a strong foundation for evolution and development of valuation profession in India, The Expert Group has recommended that the proposed Institute of Valuation Professionals, would be governed through a Council of Valuation Professionals. The disciplinary an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d quality review mechanism would largely be independent of the Council generating greater public confidence and structured to enquire and decide cases of professional negligence expeditiously. Amongst other important recommendations made by the Group are that the statute should focus on business valuation since it covers key corporate actions affecting stakeholders interests and wo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uld therefore improve corporate governance. The Group has also suggested suitable legislative measures to integrate, within the framework, experts in valuation of different kind of physical assets which can materially impact the value being ascertained by the business valuer in the course of this professional work. The Group with a view to bring professional standards to a uniform ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... level and ensure unbiased certification of valuers has also recommended a common certifying examination to be conducted by the proposed Institute. The Group came to the conclusion that development of practice of valuation as a discipline and profession in the present day context has become a necessity because of imperatives of financial markets, emerging global economy, and changi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng framework of accounting and financial reporting. The Group, therefore feels that in view of the growing significance of business valuation not only for the purpose of trade and industry but also in wider public interest, it was imperative in the emerging business environment in India to have a well developed valuation discipline built upon requisite academic curriculum and tech ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nical standards, and supported by an institutional and regulatory framework. The Group firmly believes that it is only when valuation is recognized as a separate discipline and pursued as a well organized profession, India would be able to develop high quality technical standards on valuation, and equally high quality in valuation professionals. - News - Press release - PIB Tax Management India ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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