IMPORTANT DECISIONS TAKEN IN MONTHLY MEETING WITH THE MDs/CEOs OF REGISTERED VALUERS ORGANISATIONS: APRIL-2022 ONWARDS

IMPORTANT DECISIONS TAKEN IN MONTHLY MEETING WITH THE MDs/CEOs OF REGISTERED VALUERS ORGANISATIONS

(REF:-  34th MEETING Point No-7. The mechanism for disseminating important decisions taken in the monthly meetings: The RVOs were requested to have a section of their website for communicating the important decisions taken in the monthly meeting of the CEOs/MDs of RVOs to their members. A status was prepared and displayed in the meeting. It was noted that only six RVOs have provided this facility on their websites. Other RVOs were requested to have this facility at the earliest.)


IMPORTANT DECISIONS TAKEN IN MONTHLY MEETING WITH THE MDs/CEOs OF REGISTERED VALUERS ORGANISATIONS

APRIL-2022 ONWARDS

(REF:-  34th MEETING Point No-7. The mechanism for disseminating important decisions taken in the monthly meetings: The RVOs were requested to have a section of their website for communicating the important decisions taken in the monthly meeting of the CEOs/MDs of RVOs to their members. A status was prepared and displayed in the meeting. It was noted that only six RVOs have provided this facility on their websites. Other RVOs were requested to have this facility at the earliest.)

MINUTES OF THE 49th MEETING WITH THE MDs/CEOs OF REGISTERED VALUERS ORGANISATION HELD ON APRIL 11, 2022 AT 03:00 PM

The 49 th Meeting with the MDs/CEOs of Registered Valuers Organization (RVO) took place through video conference on April 11, 2022, under the Chairmanship of Shri Sudhaker Shukla, Whole Time Member, IBBI. He welcomed all the participants to the meeting and briefed on the need for formulating valuation standards for the valuations taken up under the Insolvency and Bankruptcy Code, 2016. Also requested members to circulate the Brochure of Quiz Competition organized by the Board to encourage participation.

2. List of participants is given in Annexure-A. The continuous absence of AIVA in the meetings was noted with concern.

3.2 Agenda No. 2: Action Taken Report The action taken report on the decisions taken in the previous meeting was taken up for discussion as under:-
3.2.1 Contribution of case studies and questions by RVOs: Status of submission of case studies and questions by RVOs reviewed during the meeting. 10 RVOs have already submitted the case studies along with the questions to the valuation examination division. ICSI RVO submitted to comply by 15th April 2022. All India Institute of Valuers Foundation (AIIOVF), Association of Certified Valuators and Analysts (ACVA RVO), IIV India registered Valuers Foundation (IIV RVF) and Nandadeep Valuers Foundation (NVF) are in the process of submitting the same. It was decided that this activity will be completed within a week by the concerned RVOs.
(Action: ICSI RVO, AIIOVF, ACVA RVO, IIV RVF, NVF)
3.2.2 Development of best practices in the interest of the valuation profession: Generic areas identified by RVOs have been taken up for discussion after detailed deliberations. The issues identified, needed clarity of purpose, therefore, it was decided that the ICMAI RVO will review and submit a revised list of the best practices to the Board for its consideration, before tangible action on its compilation can be initiated by the RVOs.
(Action: ICMAI RVO)
3.2.3 It was decided that a paper on ‘Checklist for valuation under each asset class may be attempted by the RVOs. ICAI RVO took lead to prepare the paper in consultation with all the RVOs in two months’ time.
(Action: All RVOs)
3.2.4 Review by Committee of Experts on valuation formed by the RVOs: The RVOs are required to publish the preliminary report prepared by the Committee of Experts on the valuation on their respective websites. It was observed that 11 RVOs have complied for FY 2021-22. However, International Business Valuers Association (IBVA), AIIOVF, ACVA, and Assessors and Registered Valuers Foundation (AARVF) ensured to comply with the same within a week.
(Action: IBVA, AIIOVF, ACVA, AARVF)
3.2.5 Peer Review of Registered Valuers by RVOs for FY 21-22: The peer review is a yearly exercise initiated by all the RVO to enhance the quality of valuation reports. A Workshop is to be organized by the Board along with all the RVOs. ICAI RVO has taken a lead to provide secretarial assistance for the workshop to be organized for FY 2021-22. It was decided that the Workshop on peer review of Valuation Reports will be held on 21st April 2022. All the RVOs were requested to kindly be prepared for their presentations. ICAI RVO was requested to make necessary arrangements.
(Action: IBBI(RVO division))
3.2.6 Unique Valuation Report Identification Number (UVRIN) for valuation reports by Registered Valuers: The Board had prepared a concept note on UVRIN and it was shared with all the RVOs for their suggestions and comments. It is observed that seven RVOs agree with the concept whereas six RVOs have suggested certain changes. The Board will examine the suggestions.
(Action: IBBI)
3.2.7 Display of status and details of Registered Valuers on the website of RVOs: The RVOs are required to display the status and specified details of every registered valuer being its valuer member including any action being taken against them on their website as per Rule 14(h) of the Companies (Registered Valuers and Valuation) Rules, 2017. A format was circulated with all the 16 RVOs to publish the required details of the RVs in the circulated format on their website. It was observed that 13 RVOs have complied except ACVA and NVF.
(Action: ACVA and NVF)
3.3 Agenda No. 3: Status of compliance of the rules and directions: The consolidated status of compliance of the various activities as per the Companies (Registered Valuer and Valuation) Rules, 2017, and directions of the Authority were placed in the meeting. All RVOs were advised to take note of the status of compliance and comply with all the requirements latest by April 30, 2022.
(Action: All RVOs)
3.4 Agenda No. 4: Submission of Half Yearly Reports for the period October,21 to March,22 The RVOs are required to submit half-yearly reports to the Board in a specified format. The RVOs are also required to conduct an analysis of the information received from the RVs and provide a summarised version to the Board. All RVOs are required to comply by April 30, 2022.
(Action: RVOs)

Source

 

 

Leave a Reply

error: Content is protected !!
%d bloggers like this: