Advisory for Registered Valuers Members regarding usage of Technology based Platform in Valuation

Dear Members,

Greetings from IOV-RVF!!

It is in the interest of our profession to stress on the use of technology in Valuation with repository of authentic information and data for the benefit of not only the RVs, but also for the users and the concerned Authorities like IBBI and banking sector. However, on the basis of the latest information received, a cautious approach is required before adoption of any such technology based platforms. A few of the observations which may lead to irregularities are listed below: -

• Possibility of Data Aggregation and its manipulation to impair the human capabilities;
• Potential threat of Data theft;
• Potential threat for monopolising the eco system of Valuation services;
• Possibility of becoming intermediary between the Professional Valuer and Valuation service User, influencing the fairness of Valuation

In this regard, some of the relevant clauses of Companies (Registered Valuers and Valuation) Rules, 2017 are being reproduced here for ready reference of members: -

In view of above, IOV-RVF, a Frontline Regulator, hereby advises its RV Members not to use any technology platform which may be violative of the Companies Rules, 2017.

Thanks and Regards

Sd/-

Vinay Goel

MD & CEO

IOV-Registered Valuers Foundation