New Delhi, Oct 15 (IANS): The Insolvency and Bankruptcy Board of India (IBBI) Chairman M.S. Sahoo has said that there should be a statuary nod given to valuation professionals in India to further streamline the profession.

Speaking at an event here, Sahoo said: "IBBI is looking for valuers who are part of a setup which has accountability, responsibility and necessary skillset to manage their mandates. This is an important aspect of IBBI, to have fair valuation of businesses and assets. I feel a statutory body should be established for valuers in India."

The Ministry of Corporate Affairs (MCA) has already mandated an institutional framework for regulation and development of valuation professionals. The panel is headed by the IBBI Chairman.

"India's economic transformation cannot be complete without enabling an environment that allows for easy and quick resolution of disputes and litigations, and allowing opportunities to non-performing companies to transform through change of management," said P.K. Thiagarajan, President, Institution of Valuers (IOV).

"The Insolvency and Bankruptcy Code (IBC), being one such global confidence enabling initiative, can be successful only through accurate valuations based on in-depth analyses of various aspects that affect the companies that go in for resolution or liquidation," he said.