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ICAI invites suggestions from members on Draft Valuers Bill, 2020.

The recommendations were part of the Draft Valuers Bill, 2020, which proposes to regulate and develop the profession along the lines of the Institute of Chartered Accountants of India for valuation professionals.

The ministry of corporate affairs (MCA) proposed to establish the National Institute of Valuers (NIV) as the regulatory body for the valuation profession as per the recommendations of a committee of experts (CoE) released on April 16, 2020.

The recommendations were part of the Draft Valuers Bill, 2020, which proposes to regulate and develop the profession along the lines of the Institute of Chartered Accountants of India (ICAI) for valuation professionals.

The committee of experts, headed by chairman of the Insolvency and Bankruptcy Board of India, MS Sahoo, was commissioned by the MCA to come up with a regulatory framework for the valuation profession on August 30, last year.

The valuation profession deals with valuation of various assets such as the plant and machinery or the land and buildings of a company among others. Currently the Companies (Registered Valuers and Valuation) Rules, 2017, regulates valuation procedures for the mentioned assets.

The need for regulation arose as valuations were done on a part-time basis by chartered accountants or cost accountants in a non-standardized manner. Also, there are many asset classes where valuation is required and there was a need for credibility and accountability in the process.

The Draft Valuers Bill envisages valuation as a profession in itself like chartered accountancy, with institutes providing full-time vocational courses post the 10+2 level and beyond with entrance examinations and certifications to practice.

The National Institute of Valuers would be in charge of regulations, the syllabus for educational institutes and a quasi-judicial body for disputes.

The MCA has invited public comments on the Bill, the deadline for which is May 14 2020.

Further, ICAI has also invite it’s member for their valuable suggestion on the bill. Members can submit their comments by 12 noon of 10th May 2020 by the link https://forms.gle/ARGBUP3BrhnY5g4o9

READ THE FULL ANNOUNCEMENT BELOW:

ICAI invites suggestions/comments from members on Draft Valuers Bill, 2020 by 12.00 Noon on 10th May, 2020. – (16-04-2020)    


Sub: ICAI invites suggestions/comments from members on Draft Valuers Bill, 2020 by 12.00 Noon on 10th May, 2020.

The Ministry of Corporate Affairs had constituted an eight member Committee of Experts to examine the need for an institutional framework and development of valuation professions, under the Chairpersonship of Shri M. S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India (IBBI) on 30th August 2019 wherein ICAI has also been a member.

Based on comprehensive study and analysis of all relevant issues and taking the inputs of key stakeholders, the Committee has submitted its report to the Government of India on 31st March 2020 alongwith Draft Valuers Bill, 2020, recommending to establish a National Institute of Valuers.

Considering the above, ICAI invites suggestions/comments from members on various questions framed in this regard by 12.00 Noon on 10th May, 2020.

The Draft Valuers Bill, 2020 is available in the Volume I of the Report of the Committee of Experts.

The Complete Report (Volume I, II & III) can be accessed at the link A copy of the Report of Committee of Experts is available at the link http://www.mca.gov.in/Ministry/pdf/Notice_14042020.pdf

Members are requested to provide their comments at the following link: https://forms.gle/ARGBUP3BrhnY5g4o9

Sincerely Yours,

Chairman
Valuation Standards Board, ICAI
Vice Chairman
Valuation Standards Board, ICAI

 

CLICK HERE TO READ THE ANNOUNCEMENT ON THE OFFICIAL WEBSITE OF THE ICAI.

SourceICAI
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TaxClue Teamhttp://taxclue.in
Taxclue is an online news portal for reporting all news, articles, judgments, Circulars, orders, and notifications relating to various corporate and tax laws in India. We use the tagline ‘Simplifying Laws’. Our mission is to Simplify the Laws and make people aware of their rights and duties in relation to tax matters in order to equip them to participate in nation-building.

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