The government will look to set up a national institute for valuers on the lines of chartered accountants’ apex body ICAI, a senior official said on Saturday.

A similar attempt was made way back in 2008.

“We now feel that we have enough critical mass to once again make an attempt to have a national institute for the valuers’ profession on the lines of ICAI... It will require a lot of hard work,” corporate affairs secretary Injeti Srinivas said.

Speaking at a national seminar on valuation organised by the Insolvency and Bankruptcy Board of India, Srinivas stressed on the importance of professional competence, conduct and ethics of valuers. He also said the standards for valuation were likely to be finalised in the near future.

Heat on auditors

Srinivas said chartered accountants were facing the “most heat today” as strong auditing standards were in place. “When all the corporate frauds, crises came one after the other, we ran after chartered accountants. I think they are facing the most heat today... the statutory auditors... Why? (Because of) very strong auditing standards, accounting standards,” he said.