Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 ITR Filing: 6 Ways to Get Exemption on Income Tax
 Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25
 Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?
 Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?
 BackBack Income Tax Act amendment on cards on tax treatment of MSME dues
 ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here
 Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime
 How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)
 Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning
 What Are 5 Heads Of Income Tax?
 Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals

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 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting