Английская Википедия:Institution of Valuers
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The Institution of Valuers (IOV) is an organization established in 1968, dedicated to the field of Valuation in India. With over 35,000 members specializing in valuing various asset classes, IOV contributes to the development and dissemination of valuation knowledge and education for government bodies and society. The institution has a presence across India with 50 branches and is an esteemed member of the Advisory Forum Working Group of the International Valuation Standards Council (IVSC), representing India globally and engaging in collaborative efforts with other countries.
The IOV Registered Valuers Foundation (IOV RVF) was established by the Institution of Valuers, and recognised by the Insolvency and Bankruptcy Board of India (IBBI) in 2017 as a Registered Valuers Organisation. It is currently one of the largest and most prominent organizations of its kind, with over 2,000 Registered Valuers and 36 Registered Valuers Entities. These numbers represent a significant portion of the total valuers and entities registered with IBBI across various asset classes.
IOV and IOV RVF played a pivotal role by participating as the invitee expert in the “Report of the Committee of Experts on Institutional Framework for Regulation and Development of Valuation Professionals” released by the Government of India with the Draft Valuers Bill in April 2020.
Founder of Institution of Valuers Late Sh. P.C. Goel.
The genesis of IOV traces back to the unwavering dedication and persistent endeavors of the late Sh. P.C. Goel, a visionary acknowledged as the "Father of Valuation" in India.
Rooted in the principles of Sanatan Dharma, he led a life of non-violence, pure vegetarianism, and religious adherence without dogma. Hailing from a modest background in Jammu, born to a Civil Engineer father, Mr. Goel pursued his education in England during the 1950s.
A man of forthright decisiveness, creativity, and leadership, his disciplined approach garnered laurels. In 1961, driven by creative impulses, he established the Institution of Chartered Engineering, demonstrating confidence by inviting then Prime Minister, Late Sh. Jawahar Lal Nehru, to join as a member.
Adapting to the needs of his time, he embraced the then-emerging field of Valuation. Responding to this calling and recognizing a societal need, he established the "Institution of Valuers" on 2nd October, 1968, which is now celebrated as Valuer’s Day in India. This institution singularly dedicated itself to advancing Valuation as a subject, opening up a novel avenue of professional services for technocrats.
Before his passing, Sh. P.C. Goel envisioned the IOV Registered Valuers Foundation (IOV RVF), a dream that materialized shortly after his demise. IOV played a pivotal role in establishing IOV RVF, broadening the horizons of IOV to include Valuation under IBBI. Although advancing age prevented him from personally nurturing this dream project, his concepts have taken tangible form under the leadership of his son, Sh. Vinay Goel. Sh. Vinay Goel is earnestly striving to realize and uphold the aspirations originally envisioned by his father, Sh. P.C. Goel.
Publications
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1) INDIAN VALUER- The only Authentic Valuation Journal in India publishing since the inception, i.e 1969 without a break
The Journal has proved its worth in developing the Valuation as a profession adopted by Techno Financial Professionals like CA, CS, CMAs, MBAs, Lawyers. It has found its way to be referred as evidence in Legislative, Executive and Judicial circles.
The printed copies are being sent to more than 20,000 Valuers and other related professionals and senior government officials on a Monthly Basis.
2) THE VALUER- With the view to keep the members and valuation aspirants updated, IOV RVF® has come up with publishing the Journal IOV RVF® The Valuer”, Technical Journal for the Valuation Profession.
This journal is the combined efforts of all the authors, fellow members who make this journal worth-reading. It is pertinent to mention that in the content of this Journal, we bring diversity in the themes to keep our reader motivated. With the pen down thoughts from our Valuer Members in the form of article on different topics, we ensure to enlighten the knowledge of readers in different verticals of Valuation. As IOV RVF® always follows futuristic approach in their working, it keep on updating the Journal with for the Coming developments in the valuation field.
Vision and Mission ——————————————————————————————————————————————————————————————
IOV steadfastly upholds certain principles, channelling its endeavours toward contributing to national development and the overall advancement of Valuation Professionals.
Vision “Shaping the Future of Valuation with Education, Technology and Global Expertise.”
Mission:
1. Capacity Building: IOV actively engages in educational training programs to enhance the skills of Valuation professionals, contributing to their continuous learning and development.
2. Advocacy: The organization maintains regular communication with government bodies, banks, financial institutions, and regulatory authorities, creating opportunities for Valuers and offering suggestions for industry-related matters.
3. Best Practices Development: In response to the dynamic nature of the profession, IOV is committed to establishing guidelines that ensure the adoption of Valuation standards and best practices.
4. Monitoring, Grievance Redressal, and Disciplinary Action: IOV progresses towards self-regulation in the Valuation Profession, with an Advisory Committee dedicated to addressing grievances related to Valuation, fostering a transparent and accountable process.
5. Technological Tools: IOV focuses on technological advancements by providing updated websites and mobile apps, offering Valuation professionals access to cutting-edge tools.
6. Publications & Research Work: Emphasizing research in Valuation, IOV contributes to the field through the publication of monthly and bi-monthly journals, disseminating valuable insights and knowledge within the community.
Structure and Leadership ——————————————————————————————————————————————————————————————
Institution of Valuers Management Details (Council)
PRESIDENT- Vr. P.K. Thiagarajan
VICE-PRESIDENT- Vr. R.K. Patel
VICE-PRESIDENT- Col. (Dr.) B.B. Sharma
HONY. GEN. SECRETARY- Vr. Vinay K. Goel
HON. TREASURER- Vr. Neeraj Kapoor
Number of Council Members- 13
REGISTRAR- Sh. Arun Kumar Saxena
Number of CO-OPT COUNCIL MEMBERs- 5
IOV RVF Management Details (Governing Board)
Chairperson- Dr. Goutam Sengupta
MD & CEO- VR. VINAY K. GOEL
Director- CA. MUKESH KUMAR ARORA
Director- KULJIT SINGH POPLI
Director- SUNIL KHOSLA
Director- Tarun Kumar Bhatnagar
Director- Nitin Madhusudan Lele
Director- Dr. Ashvini Kumar
Services Provided by IOV
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IOV Membership Details:
IOV grants membership to the individuals to become Valuers in the following orders:
1. Honorary Member: Consisting of Honorary Fellows.
2. Corporate Members: Including Fellows and Associates.
3. Non-Corporate Members: Encompassing Licentiates, Student Members, and Institutional Members.
Criteria of Admission:
The criteria of admission are varied according to the educational qualification & experience in the following categories: -
1. Land & Building (inclusive of Agricultural properties, Plantation properties, Extractive Industries properties and Standing Forests)
2. Plant & Equipment (inclusive of Chemicals, Automobiles, Marine, Textiles, Computer Technology Tele Communication, Instrumentation, Ceramics Technology & Potteries, Aeronautics, Metallurgy, Production, Leather and Mining)
3. Securities & Financial Assets
4. Business and Business Interests
5. Jewellery and Precious Stones
6. Works of Art
7. Special Discipline
Categories under Special Discipline:
Certain new categories of Valuers in specific asset valuation under Cat – 7 of Special Discipline are also open for membership purpose, such as: a) IMPEX (Import – Export) Valuer b) Insurance Valuer c) Marine Valuer d) Valuation Surveyor
Institutional Membership: IOV extends Institutional Membership to entities like Limited Liability Partnership firms, Partnership firms, Proprietorships, or similar bodies engaged in Valuation or related professional activities.
IOV RVF Membership Details: As per rule 4 read with Annexure-IV of the Companies (Registered Valuers and Valuation) Rules, 2017, an individual shall have the following qualifications and experience to be eligible for registration as Registered Valuer on the basis of Assets Class:
Eligibility Criteria for Registered Valuers: For Plant and Machinery: (i) Requirements include a degree in relevant engineering fields such as Mechanical, Electrical, Electronic and Communication, Electronic and Instrumentation, Production, Chemical, Textiles, Leather, Metallurgy, or Aeronautical Engineering or valuation of Plant and Machinery or equivalent, with five years of experience. (ii) Postgraduate qualification in related fields, with three years of experience. For Land and Building: (i) Criteria involve a degree in civil engineering, architecture, or town planning, with five years of corresponding experience as a prerequisite. (ii) Postgraduate degree in these fields, along with real estate valuation or Land and Building valuation qualifications, with three years of experience. For Securities or Financial Assets: (i) Membership of Institute of Chartered Accountants of India / Institute of Company Secretaries of India / Institute of Cost Accountants of India, along with five years of experience. (ii) Postgraduate degree in finance also meet the criteria, with three years of experience as a prerequisite.
Notable Projects
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1. IOV was invited by Govt of NCT of Delhi for study of Circle Rates of Immovable Properties in Delhi
2. Member of the Independent Evaluation Committee (IEC) of the Reserve Bank of India (RBI) for the purpose of evaluating the restructuring of financial assistance to the distressed assets as per the RBI policy for the same.
3. Member of Steering Group of Indian Banks Association (IBA) to develop handbook on Policy, Standards and Procedures for Real Estate Valuation by Banks and HFIs in India.
4. Invitee Expert of Committee of Experts on Institutional Framework for Regulation and Development of Valuation Professionals formed by the Government of India.
5. Member of Committee of Experts on Valuation Standards for Disinvestment formed by Department of Investment and Public Asset Management, Government of India.
6. IOV and IOV-RVF have played a pivotal role by participating as the invitee expert in the “Report of the Committee of Experts on Institutional Framework for Regulation and Development of Valuation Professionals” released by the Government of India with the Draft Valuers Bill in April 2020.
Institution of Valuers has implemented several technological solutions to improve valuation processes:
1. EKTA: A cloud-based Valuation Process Automation Solution, EKTA enables valuers to manage their valuation-related data efficiently.
2. Valuers Data Interface (VDI): VDI serves as a data management tool, facilitating the storage, organization, analysis, and verification of valuation data. Launched under the "Digital India" Initiative, VDI promotes digitization in valuation practices.
3. Valuers e-Library: The Valuers e-Library offers valuers access to a wide range of resources, including articles, research papers, books, and publications. This online repository supports continuous knowledge development in the field of valuation.
Pledge Initiative On the occasion of the 54th Valuers Day, the Institution of Valuers (IOV) introduced the 'Pledge Certificate' initiative. This initiative aimed to promote integrity and commitment within the Valuation community. It was inaugurated by Mr. Om Birla, Speaker of the Lok Sabha, emphasizing the significance of ethics and professionalism in the Valuation profession.
Awards and Recognitions
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Awards The Indian Achievers’ Forum, an apex body, recognized the Institution of Valuers (IOV) and the IOV Registered Valuers Foundation with prestigious awards: 1. Institution of Valuers: Brand Impact Award 2021 – Recognized for outstanding professional achievements and contributions to nation-building. 2. IOV Registered Valuers Foundation: Indian Achievers’ Award 2023 for Emerging Company - Acknowledged for exceptional professional accomplishments and contributions to nation-building. These awards highlight the organizations' commitment to excellence and their positive impact on society.
Recognitions The Institution of Valuers and the IOV Registered Valuers Foundation have been assigned the following ISO and ISSN numbers: ISO Number: Institution of Valuers: ISO 9001:2015 and ISO 26000:2010
ISSN Numbers: • Institution of Valuers: 2583-3553 • IOV Registered Valuers Foundation: 2583-5831 These designations signify the organizations' adherence to international standards, quality and ethical practices.
Impact on Society Institution of Valuers impacts the society in the following ways
• Knowledge Dissemination: IOV has played a significant role in advancing the field of valuation by facilitating the sharing of knowledge and expertise among its extensive membership base of over 35,000 professionals. Through various educational programs and initiatives, IOV has contributed to the professional development of valuers and enhanced the quality of valuation services offered in India.
• Nationwide Reach: With branches spanning across 50 locations in India, IOV has established a widespread presence, making valuation resources and expertise more accessible to professionals and stakeholders across the country. This geographical spread has facilitated greater engagement and collaboration within the valuation community.
• Global Representation: As a member of the Advisory Forum Working Group of the International Valuation Standards Council (IVSC), IOV represents India on the international stage. This global recognition not only highlights the expertise of Indian valuers but also fosters knowledge exchange and collaboration with valuation professionals from around the world.
• Regulatory Influence: IOV's involvement in key governmental initiatives, such as providing expert input for the "Report of the Committee of Experts on Institutional Framework for Regulation and Development of Valuation Professionals," underscores its role in shaping regulatory frameworks and policies related to valuation practices in India. By advocating for regulatory reforms and standards, IOV contributes to the enhancement of professionalism and accountability within the valuation profession, thereby benefiting society at large.
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