IBBI invites public views or suggestions on the Institutional framework for regulation and development of Valuation Professionals

Oct 09, 2019 | by Avantis RegTech Legal Research Team

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The Insolvency and Bankruptcy Board of India (IBBI) on October 8, 2019 has issued a notice inviting public views or suggestions on the Institutional framework for regulation and development of valuation professionals to examine the need for an institutional framework for regulation and development of valuation professionals.

Following are the issues on which the stakeholder, public suggestions or views or comments are expected:

A.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.

B.MARKET FOR VALUATION PROFESSION

Market for Valuation Services, Market for Valuers, Market for Valuation Education, Exclusivity.

C.REGULATORY ARCHITECTURE

Type of Regulation, One Tier Vs. Two Tier Regulation, Regulation Vs. Development Vs. Standards, Scope of Statutory Legislation, Malleability of Framework.

D.FUNCTIONS OF THE REGULATOR

Role of Each Tier in Regulation / 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 Byelaws, Monitoring and Enforcement, Scope and Manner of Quasi-Judicial Functions, Dealing with Grievances of Valuers , Dealing with Grievances against Valuers.

E.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.

F.DEVELOPMENT OF PROFESSION

Profession vis-a- vis Technology, Scope and Approaches of Development, Scope and approaches for Research

G.TRANSITIONAL MECHANISM

Phasing: Short / Medium / Long Term, Grandfathering, Transitional Arrangement for IBBI, Transitional Arrangement for RVOs, Transitional Arrangement for RVs.

[No. IBBI/PR/2019/28]

 


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