Valuation Standard Advisory Board of IOVRVF
The Valuation Standard Advisory Board (VSAB) is an independent Advisory Board constituted by the Governing Board of IOV-RVF. The purpose is to assist the valuation professionals practicing in India by framing/developing/formulating and standardising and adopting the Valuation Standards in Indian context for all the categories of Assets and encourage the Valuation Professionals to adopt such standardised Valuation Standards.
VSAB aims at ensuring transparent, consistent and comparable Valuation Standards. VSAB has been formed for the following objectives:
- Identification of areas in which Valuation Standards are required to be framed.
- Framing of Valuation Standards in Indian context.
- Issue Guidance Notes on Valuation Standards so framed.
- Advocacy for the use of Valuation Standards.
- Conduct Trainings on Valuation Standards.
- Practice Standards on valuation in line with International best practices.
- Publish Articles, Journals and News Letters.
VSAB has adopted the International Valuation Standards till the time Central Government notifies the Valuation Standards under Rule 18 of the Companies (Registered Valuers and Valuation) Rules, 2017, in Indian context to facilitate the Registered Valuers Members and other stakeholders and to remove ambiguity and difference in market as well as industry.
VSAB comprises of the eminent and prominent Valuation Professionals and is chaired by Mr. S Pichaiya, a well-known personality in Valuation Profession, who is also representing IOV RVF as the member of “Committee to advise on Valuation matters” constituted by Ministry of Corporate Affairs (MCA).
Constitution of VSAB:
The VSAB is steered by the Chairman.
- Special Invitee- experts from various fields such as academicians, Legal Advisors, domain experts, stakeholders/beneficiaries etc.
- VSAB constitutes of three Assets Standard Boards for each Asset Class namely:
- a. Assets Standard Board for Land & Building (L&B).
- b. Assets Standard Board for Plant & Machinery (P&M).
- c. Assets Standard Board for Securities & Financial Assets (SFA).
- Each Assets Standard Board is led by a prominent and eminent Valuer having expertise in their respective asset class.
- Each Assets Standard Board has constituted one or more Working Groups consisting of 3-5 members each who are experienced Valuers in their respective asset class.