New Delhi, Oct 12 (UNI) 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 skill set 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,' IBBI chairman MS Sahoo said while speaking at first ever "Global Valuation Summit" (GVS) organised by Institution of Valuers (IOV) here on Friday.

The Corporate Affairs Ministry has already mandated an institutional framework for regulation and development of valuation professionals. The panel is headed by IBBI Chairman MS 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,' said IOV president PK Thiagarajan.



The valuation profession in India has seen a paradigm shift in the last two 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.

IOV is the premier Institution having the outreach of nearing 30,000 valuer members through more than 50 branches PAN India and is amongst the top five Valuers association of the world on the basis of registered valuation professionals.

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