To
Smt. Nirmala Sitharaman
Minister of Finance and Corporate Affairs
Government of India
New Delhi – 110001.
Honourable Finance Minister,
The Committee of Experts to examine the need for an institutional framework for regulation
and development of valuation professionals, constituted vide order No.12/9/2019-PI dated 30th
August, 2019, presents this report to the Government of India. The report is accompanied by a
draft of ‘Valuers Bill, 2020’.
The Committee had extensive consultation – online and in roundtables – with the stakeholders –
registered valuers organisations, registered valuers, other valuers and other professionals,
professional institutes, trade and industry, and academicians. It studied the valuation landscape
in India, both in terms of institutional arrangements for development and regulation of valuation
professionals, and legal and regulatory requirements surrounding valuations services. It
considered the institutional framework for valuation professionals in advanced jurisdictions, the
attempts made in the past in India to provide such a framework, and experience of institutional
/ regulatory frameworks in respect of other professions in India. It explored the contemporary
thought on the role of regulatory state and design of regulatory architecture in respect of markets
and professions. It recommends the least disruptive, yet modern and robust, institutional
framework that learns from the experience of valuation profession in India and abroad, and of
other professions in India, while addressing the concerns of today and tomorrow, and ensuring
respectability for valuation professionals and accountability for valuation services.
We thank you for providing us this opportunity to put our thoughts together for building an
important institution (valuation profession) of the Indian economy.
Yours sincerely,
(M. S. Sahoo)
Chairperson