CA, ICWAI, ACS and now CVP
The Government proposes to bring in THE COUNCIL OF VALUATION PROFESSIONALS OF INDIA ACT soon.
Like the Chartered Accountants and Cost Accountants, now we are going to have certified valuation Professionals. Like the Chartered Accountants Act, The Council of Valuation Professionals of India Act is proposed.
The Council
The Council shall have two members from the Institute of Chartered Accountants of India, two from the Institute of Cost and Works Accountants of India, two from the Institute of Company Secretaries of India, five members from other recognized institutes.
Duties of the Council will include
++ Issuing Standards on Valuation
++ Setting Standard of education and training for valuation professionals
++ Giving recognition or cancellation of recognition of Institutes for education and conduct of exams for the valuation professionals
++ the prescribing of qualifications for recognition of the Institute;
++ approval of academic courses and their contents to be conducted by the Recognized Institutes
++ approval of such qualifications and experience, which a person should have for a valuation professional to seek his assistance in specific components of valuation which are beyond the curriculum of valuation professional.
++ approval of nature and period of training to be undergone by students before they qualify to practise as valuation professional
++ approval of fees which may be levied on students and valuation professionals by the Recognized Institutes
++ Controlling and monitoring the activities of the recognized institutes in the matter of valuation
++ Monitoring the Disciplinary Proceedings against a certified valuation professional by its parent Institute in case of complaint against professional misconduct.
++ the setting of standards of examination and benchmark of evaluation of students to be administered by the Recognized Institutes, for enrolment and the prescribing the fees.
++ Framing Ethical codes for certified valuation professionals
++ issuing Guidance for Procedure for Appointment of Valuers, Disclosure requirement and Peer Review
++ the recognition of foreign qualifications and training for purposes of enrolment;
++ the granting or revocation of certificate of practice under this Act, through the recognized Institutes;
++ the levy and collection of fees from Recognized Institutes, certified valuation professionals and other persons;
+ +the regulation and maintenance of the status and standard of professional qualifications of valuation professionals;
++ the carrying out, by financial assistance to persons other than members of the Council or in any other manner, of research in valuation;
++ to enable functioning of the Quality Review Board;
++ Consideration of the recommendations of the Quality Review Board.
++ to ensure the functioning of the Council and Recognized Institutes in accordance with the provisions of this Act and in performance of other statutory duties as may be entrusted to the Institute from time to time.
Recognition of Institutes:
1.The Institute of Chartered Accountants of India, the Institute of Company Secretaries of India, and the Institute of Cost and Works Accountants of India shall be deemed to be Recognized Institutes under the Act.
2.The Council may recognize any other Institute, in the manner prescribed, as a Recognized Institute when it is satisfied that the Institute fulfills such conditions as may be specified.
Functions of the Recognized Institute:
(i) Registering and imparting education to persons desiring to become valuation professionals as per Course curriculum and standard set or approved by the Council
(ii) Conduct of examinations of students as per standards set or approved by the Council
(iii) Imparting training to persons in valuation as per standards approved by the Council
(iv) Maintenance and publication of a Register of persons qualified to practice as certified valuation professional in the relevant discipline, in such manner as may be prescribed by the Council;
(v) the removal of names from the Register and the restoration to the Register of names which have been removed, in such manner as may be laid down by the Council
(vi) the removal of names from the Register and the restoration to the Register of names which have been removed, in such manner as may be laid down by the Council
(vii) Setting up a disciplinary mechanism and carrying out disciplinary action against certified valuation professionals accused of professional misconduct in such manner as may be specified.
(viii) Payment of fees to the Council in time-bound manner
Certificate of practice
(1) After successful completion of the curriculum and training laid down for this purpose from a Recognized Institute, a person shall apply to the Recognized Institute from where he has completed the same for issue of the Certificate of Practice as a Certified Valuation Professional, with proof of successfully having completed the same and with such fees as may be prescribed
(2) The Recognized Institute, after satisfying itself that the person applying for the same has successfully completed the curriculum and training, shall issue a Certificate of Practice to such person.
(3) Where any foreign qualification relevant to valuations is recognized by the Council in the manner prescribed, a person possessing such qualification may apply for registration and issue of certificate of practice to the Council along with such fees as may be prescribed. The Council may after consulting the Recognized Institute in such discipline in which the applicant possess the necessary qualifications, if any, may direct the concerned Recognized Instituted to issue a certificate of practice which shall be issued accordingly.
(4) Every such person who has been issued certificate of practice, shall pay such annual fee for his certificate as may be prescribed, and such fee shall be payable on or before the 1st day of April in each year.
Certificate holder to be known as certified valuation Professional
Every person issued certificate of practice may use the designation of a certified valuation professional, without prejudice to any other designation to which he may be eligible for due to his having any other qualification.
The Ministry of Corporate Affairs welcomes suggestions and comments which may be sent to umesh.jindal@mca.gov.inlatest by 16.8.2007.