By IANS,
New Delhi : In the wake of the Satyam scandal, an expert group constituted by the government has suggested setting up an institution which would act both as a regulator and an educational institution for valuation professionals.
“The proposed institute would function more as a regulatory and technical body and play a promotional and facilitation role to ensure high quality education and examination system for the valuation profession,” said a government statement.
The group also said development of practice of valuation as a discipline and profession in the present day context has become a necessity because of imperatives of financial markets, emerging global economy, and changing framework of accounting and financial reporting.
The group, headed by Federation of Indian Chambers of Commerce and Industry (FICCI) secretary general Amit Mitra, also suggested that the disciplinary and quality review mechanism should be kept independent of the governing member of the institute.
This would help generate greater public confidence and help in enquiring and decide cases of professional negligence expeditiously, the statement said.