Parliament nod awaited for Valuers Bill

Coimbatore: The profession of valuers would be standardised once the draft Valuers Bill is enacted by Parliament, Institution of Value (IOV) said on Friday.

The Bill is in circulation to get suggestions and opinions from the stakeholders and general public after which it would be placed before both Houses of Parliament, IOV president PK Thiagarajan told reporters here.

On the basis of a committees recommendation formed by the Ministry of Corporate Affairs, the Bill is exploring to establish a National Institute of Valuers (NIV), he said.

The NIV would serve the purpose of developing the profession of valuers and regulating the market of valuation service, he said at the sidelines of the two-day 51st Indian Valuers Conference 2020.

A committee has also been set up to promote practices and standards of professional conduct for valuers and reports submitted to the Ministry, he said.

Once the Bill becomes an Act, the valuers would have their own standards like doctors and CAs and become a part and parcel of economic growth of the country, IOV Coimbatore branch chairman, M Adakkalayan said.

As such there are more than 30,000 valuers in the country and nearly 8,000 in Tamil Nadu and Puducherry and the youth, who after passing out plus-two, can join the continued education course to become a valuer who can become a registered valuer after 10 years, he said.