The Insolvency and Bankruptcy Board of India (IBBI) in its press release dated 8th October 2019, has issued a notice inviting public views / suggestions on the institutional framework for regulation and development of valuation professional.
The issues on which the views of the stakeholders are invited are herein below:
- Issue on Valuation Profession – Vision of Valuation Profession, Review of Valuation Profession Internationally, Review of Other Professions in the Country, Review of Valuation Profession in the Country.
- Market for valuation profession – Market for Valuation Services, Market for Valuers, Market for Valuation Education, Market for Research and Knowledge Management and Exclusivity.
- Regulatory Architecture – Type of regulation, Regulation Vs. Development Vs. Standards, Scope of Statutory Legislation Malleability of Framework.
- Functions of the regulator – Role of Each Tier in Regulation / Development of Valuers / Market / Development of Valuers / Market, Scope and Approaches of Regulation, Governance of Each Tier, Accountability of Each Tier, Independence of Each Tier, Resources of each Tier, Scope and Manner of Making Subordinate Legislation, Scope and Manner of Making Bye laws, Monitoring and Enforcement, Scope and Manner of Quasi-Judicial Functions, Dealing with Grievances of Valuers , Dealing with Grievances against Valuers.
- Valuation professionals – Eligibility to be a Valuer: Qualification, Experience, Entity , Independence and Accountability of Valuer, Code of Conduct and Ethics, Scope and Manner of Making Valuation Standards, Protections for Valuers, Reputation of the profession.
- Development of profession – Profession vis-a- vis Technology, Scope and Approaches of Development, Scope and approaches for Research
- Transitional mechanism – Phasing: Short / Medium / Long Term, Grandfathering, Transitional Arrangement for IBBI, Transitional Arrangement for RVOs, Transitional Arrangement for RVs.
The views on the above issues shall be submitted electronically, in the IBBI website.
