Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: due date for vat payment :: form 3cd :: ACCOUNTING STANDARD :: TDS :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: cpt :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India
 
 
News Headlines »
 Securities excluded from GST ambit in revised Bill
 GST dilemma: Hope fades for new tax regime
 5nance.com launches tax investment platform
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice

MoCA moots tough norms for valuers
May, 03rd 2007

The ministry of company affairs (MoCA) has recommended stringent guidelines for valuation professionals that are exclusively allowed to undertake the valuation of businesses, shares, brands and the like after being recognised by a proposed council.

A concept paper on a Valuation Professionals Bill, floated by the ministry (and reported by FE on Wednesday), stipulates stiff penalties for violation of the guidelines, including fines up to Rs 5 lakh and disbarment.
 
The penalties would be for professional misconduct in areas like due diligence, disclosure of confidential information, failure to report material misstatement and gross negligence. These areas have been defined in two schedules in the concept paper and cover a variety of situations and circumstances under which a valuation professional can attract censure.

Disclosure of information acquired in the course of professional engagement with any person other than a client or certifying a valuation report not made by him or by a partner would also be considered misconduct.

A valuer cannot express an opinion about a business or enterprise in which he, his firm or limited liability partnership may have substantial interest. Failure to draw attention to any material departure from generally accepted valuation procedures or failure to keep client money other than fees, remuneration, or money to be expended, in a separate banking account would also be deemed misconduct.

Many in the industry, however, feel it would be difficult to implement such guidelines. You cant standardise judgement call issues on valuations because all valuations tend to be different, says Gaurav Khungar, executive director (corporate finance), KPMG India.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Contact Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions