Just a few days ago, a government-appointed committee of experts had represented the idea of having an institutional framework for valuers which will be known as the National Institute of Valuers. The panel which was constituted by the ministry on 30th August 2019 headed by M S Sahoo Chairperson, Insolvency and Bankruptcy Board of India, has submitted the ‘Draft Valuers Bill, 2020” on 31st March.
In the same matter, the corporate affairs ministry requested comments on the bill before the deadline, which is May 14. And now, on the same, ICAI also invited suggestion from CA Members. ICAI stands for Institute of Chartered Accountants of India, it is the only licensing cum regulating body of the financial audit and accountancy profession in India.
Meanwhile, the panel was constituted by the Ministry of Corporate Affairs on August 30, 2019. It is an eight-member committee of Experts, and they will examine the need for an institutional framework for regulation and development of the valuation profession. Institute of Chartered Accountants of India(ICAI) is also a member of this panel.
The panel submitted its report to the Government on March 31st, 2020 along with Draft Valuers Bill, 2020, it was prepared by doing comprehensive study and analysis of all associated problem and also including the inputs of key stakeholders. However, the panel has recommended the idea of establishing a National Institute of Valuers.
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Now considering the recommendation of the panel, ICAI also invites comment and suggestion from its CA members on various questions outlined in this regard by 12.00 Noon on 10th May 2020.
The complete report which consists of volume I, II, and II can be accessed through the link however a copy of the report is also available in PDF here: The volume I in it is the Draft Valuers Bill, 2020.All the CA members are requested to provide their feedback or suggestions on Draft Valuers Bill, 2020. They can do that through a simple form, which is available Here