CEO-MD Desk



CEO-MD Desk

coo desk (Suresh wason)
Vinay Kumar Goel

CEO-MD

So far India did not have any structural framework to promote & regulate the Valuers profession except for provisions under the Wealth Tax Act/Rules that had prescribed qualifications for registration as valuers of different classes of assets.

For the first time, Section 247 of the Companies Act, 2013 that was notified from 18th October 2017, provides that where a valuation is required to be made in respect of any property, stocks, shares, debentures, securities or goodwill or any other assets or net worth of a company or its liabilities under the provisions of this Act, it shall be valued by a person having such qualifications and experience and registered as a valuer in such manner, on such terms and conditions as may be prescribed and appointed by the audit committee or in its absence by the Board of Directors of that company.

In exercise of the aforesaid powers, Ministry of Corporate Affairs, vide notification dated 18th October, 2017 notified the Companies (Registered Valuers and Valuation) Rules, 2017. Further, vide notification dated 23rd October 2017, the Central Government delegated the powers and functions vested in it under section 247 to the Insolvency and Bankruptcy Board of India [IBBI]. The aforesaid Rules also envisage formulation & notification of ‘Valuation Standards’ and creation of Registered Valuers Organizations [RVOs] in the country and registration of Valuers with the IBBI through such RVOs. With these notifications, the stage has been set to promote and regulate the profession of Valuers in India wherein the RVOs have been are assigned very vital role.

The Institution of Valuers [IOV] is a premier organization of valuation professionals in India and finds a place among the top five valuers associations of the world. In compliance with the notified Rules, IOV has incorporated section 8 company under the name “IOV Registered Valuers Foundation” and the same has been granted recognition by IBBI under Rule 13 of the Companies (Registered Valuers and Valuation) Rules, 2017.

The IOV-RVF is set to take a lead role and become the premier RVO in the country. Our team is fast marching ahead for implementation of structural framework to create & regulate high end Valuers.

I wish all the success for the pioneering efforts of IOV-RVF that will definitely give boost to the valuation profession in India and necessary impetus under the Insolvency and Bankruptcy Code, 2016.

Vinay Kumar Goel

IOVRVF Institute

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