Addressing a press conference in the Capital on Thursday, Kirit P Budhbhatti, practicing valuer and advisor to the Centre for Valuation Studies in the Institute of Science and Technology for Advanced Studies and Research (ISTAR), Gujarat, said that although valuation is a statutory exercise under law, it has been dominated mostly by engineers without any formal education or training in this specialised branch of study.

With the government undertaking disinvestment of PSUs and liberalisation of the economy leading to a spate of mergers, acquisitions and takeovers, the role of valuers has come to the forefront and the need for expertise in the field has become necessary, said C B Gupte, a valuation expert.

Budhbhatti added that for disinvestments qualified valuers need to be appointed for determining share prices for PSUs which are being put on the block. Professionals can help the government get the best value for its equity holding, he said.

He emphasised that India has to develop its own expertise in the professional field of valuation so as not to depend upon foreign expertise.

To create academic facilities for education in the country in the field of valuation, a group of valuers and academicians in collaboration with the Sardar Patel University have introduced post graduation courses in real estate and plant & machinery at the Centre for Valuation Studies.

The plant & machinery valuation course has the added distinction of being the first such course to be offered by any university in the world, said D N Banerjee, a visiting professor at the University and former chairman of the Central Valuation Board in Calcutta.

The professional field of valuation of real estate as well as plant and machinery is an area of specialisation in all the advanced countries of the world but it is still to make a headway in our country, Banerjee said. "The support of the government is vital to make advancements in the field."

Besides initiating a legislation for regulation of the profession, the government should also amend recruitment rules for inducting only academically qualified valuers in various government departments employing services of valuers and assessors, Banerjee said.

Various governmental agencies, banks and financial institutions should send their staff handling valuation for academic orientation at the Centre for Valuation Studies, he added.

Finally, the experts have asked the government to support the academic courses for post-graduate study in valuation as there is a shortage of academically qualified valuers in the country.