'Indian Valuation Standards' to benefit eco

Panaji, Aug 18: The Practicing Valuers Association (India) has for the first time framed the ''Indian Valuation Standards'' (InVS) for valuation of plants, machinery, buildings and other tangible assets to benefit the economy.

''We have evolved the standards after nine year long efforts following the principles of valuation and code of ethics which is in vogue in 120 other countries,'' the Founder President of the association Mr Srikant Vasant Juglekar claimed.

Interacting with media persons here today, Mr Juglekar said the printed version of the InVS is being released today by former judge of Bombay High Court justice Eurico Santhana D'Silva.

''Such adoption of InVS will not only put Indian valuers at par with international peers but also help both the private sector and the Indian Government to determine the true value of assets,'' Mr Juglekar added.

A draft copy of the InVS has been submitted to the Bureau of Indian Standards (BIS) for approval. It is likely to be approved by the end of this year.

The evolution of the valuation standards gain significance with the Union Ministry of Corporate Affairs contemplating to have a ''regulatory framework'' for valuation professionals.

The valuation standards which cover 55 areas of industries, real estate and others besides the intellectual property rights could play a vital role at a time when the Government is thinking of entering the second phase of ''disinvestment'' of the public sector enterprises.

''The new InVS will be a handy instrument in preventing the undervaluation of PSE's as was in the case of BALCO and Centaur Hotel earlier,'' President of the association Anup Mohabansi said.

''The valuation standards, at present voluntary, become mandatory once they are accepted by the Centre through the BIS,'' Mr Mohabansi added.

The country has 600 registered valuers and around 2000 more are in the offing. The association accords accreditation facility to the best practitioners of valuation.

UNI