New Delhi: The government plans to set up a regulatory body for overseeing the functioning of valuers engaged in different professions. A Bill will be introduced during the monsoon session of Parliament.
“Valuation professionals are currently not covered under any regulatory body set up by the government and the proposed Bill will ensure setting up of such an institution,” corporate affairs minister Prem Chand Gupta said on Thursday. The Bill is in consultation stage. The legislation will provide a broad framework within which proposed body will work independently. It will collect inputs from domestic and internationals institutions as Institute of Cost and Work Accountants of India does.
“The objective (of the proposed Bill) is to provide self- regulation (to corporates and valuation professionals), but at the same time responsibility and accountability through effective disciplinary mechanism,” Gupta said at the global summit on repositioning the management accountants held in the city. He said the government will also introduce a Bill that would enable comprehensive revision of Companies Act, 1956, in the budget session of Parliament.