Fostering Integrity in Valuation Hon’ble Justice Kerala High Court Calls for Global Excellence at the 55th Indian Valuers Congress IVC 2024

Kochi, December 2024: The 55th Indian Valuers Congress (IVC 2024) brought together over 600 delegates to highlight the growing significance of valuation in shaping economic decision-making and driving national growth. The event, organized by the Institution of Valuers (IOV) in association with the Insolvency and Bankruptcy Board of India (IBBI), IOV Registered Valuers Foundation (IOV RVF), and the Valuation Standards Advisory Board (VSAB), took place at the Gokulam Park Hotel & Convention Centre, Kochi.

The Congress was graced by Hon’ble Justice Devan Ramachandran, Judge, Kerala High Court, as the Chief Guest, and Mr. Manoj K. Arora, IRS, Chief Commissioner CGST, Central Excise & Customs, Thiruvananthapuram Zone, as the Guest of Honour. Other eminent dignitaries included Prof. Manoshi Roychowdhury (Co-Chancellor, Techno India University), Dr. R. Narayanaswamy (Retired Professor, IIM Bangalore), Mr. Debajyoti Ray Chaudhuri (MD & CEO, NeSL), Mr. P. K. Thiagarajan (President, IOV), and Mr. Vinay Goel (Hon. General Secretary, IOV and MD & CEO, IOV-RVF).

The theme, “Empowering Valuers: Upholding Integrity,” underscored the importance of trust and credibility as the foundation of valuation practices. Discussions revolved around expanding valuation footprints, effective digitization, evidence-based methodologies, and empowering youth and women in the valuation profession.

During the Congress, IOV announced significant initiatives to advance the valuation profession:

Global Collaborations:

IOV signed partnerships with the International Association of Certified Valuation Specialists (IACVS) from Canada and Nam Chartered Valuers from Dubai. These collaborations aim to foster cross-border cooperation and position Indian valuers as global leaders. Additionally, an MoU with CROTIS: The Property Lab will introduce digital solutions to elevate real estate valuation practices.

Specialized Education Programs:

IOV introduced specialized courses in IMPEX, Marine, Mining, Business, and Insurance Valuation, along with graduate and postgraduate degree programs in collaboration with top universities. This move is part of a larger vision to integrate valuation as a core academic subject.

Technology-Driven Tools:

The Congress saw the launch of the Valuers Data Interface (VDI), a cutting-edge software designed to streamline data management for valuers. Discussions were also held on strengthening digital infrastructure through partnerships with NeSL.

Valuation Standards and Ethics:

IOV introduced the Valuation Standards Advisory Board (VSAB) to develop valuation standards tailored to Indian requirements. The institution also released advisories on Minimum Fees for Valuation Services and Best Professional Practices to ensure ethical conduct and fair compensation for valuers.

Diversity and Inclusivity:

Focusing on Diversity, Equity, and Inclusivity (DEI), IOV announced the formation of the Yuva Valuer Forum to empower young professionals and the Nari Shakti Valuers Forum to support women in the profession. The newly formed Board of Mentors will provide guidance and inspiration to the next generation of valuation professionals.

The Congress also saw partnerships with leading organizations such as Tata Capital, City Union Bank, Aavas Financiers, Bank of Baroda, Techno India University, NeSL (National E Governance Services Ltd), R K Patel & Co., Resurgent Valuers, AAA Valuation, Inn Tech Global Valuers, NAM Chartered Valuers, 3v Pro Appraisers, Intelligence Advisors LLP, E valo, E Super. An exhibition showcased cutting-edge tools and solutions, giving participants insights into the evolving landscape of valuation practices.

A Vision for the Future

The Congress emphasized the need for strengthening regulatory frameworks, investing in education, embracing technology, and promoting inclusive growth to ensure that Indian valuers take the lead on the global stage.

The event concluded with a resounding message:

“Valuation is no longer a supporting role but a cornerstone of informed decision-making and national economic growth.”

About IOV

With a legacy spanning over 55 years, the Institution of Valuers (IOV) remains the leading organization in the valuation field. Committed to maintaining the highest levels of professionalism, ethical governance, and innovation, IOV continues to shape the future of valuation in India and beyond.

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