Indian Institute of Corporate Affairs (IICA)

Context: The Indian Institute of Corporate Affairs (IICA), a think tank under the Ministry of Corporate Affairs, Government of India launched today the third batch of IICA Valuation Certificate Program (IVCP) – the Gold Standard in Valuation Education.

About Indian Institute of Corporate Affairs:

• IICA was registered as a society on September 12, 2008 under the Societies Registration Act, 1860.
• An autonomous institute, IICA works under the aegis of the Ministry of Corporate Affairs to deliver opportunities for research, education, and advocacy.
• It is also a think tank that curates a repository of data and knowledge for policy makers, regulators as well as other stakeholders working in the domain of corporate affairs.
• Set up as the premier organization that aims at providing astute and credible intellectual leadership in corporate regulation, governance and running sustainable businesses, IICA is a think-tank, capacity building and service delivery institute.
• Its objective is to continuously improve the quality of all corporate financial reporting in India.
• IICA Valuation Certificate Program (IVCP) is a flagship course by IICA that has earned the distinction of ‘Gold Standard in Valuation Education’.
• Launched in 2019, 250+ participants from diverse backgrounds have registered for the course with average experience of 20+ years.
• The course is recognized by International Valuation Standards Council (IVSC) and is recommended by Insolvency and Bankruptcy Board of India (IBBI) to all Registered Valuers (RVs), Department of Financial Services (DFS) to all Public Sector Banks (PSBs) and Financial Institutions (FIs) and Department of Investment and Public Asset Management (DIPAM) to all Central Public Sector Enterprises (CPSEs).

International Valuation Standards Council:

• The IVSC is a not-for-profit organisation that acts as the global standard setter for the valuation profession, serving the public interest.
• The IVSC is overseen by a Board of Trustees which includes former finance ministers, leading financial and securities regulators, heads of valuation professional organisations and standard-setting bodies.
• Independent technical boards of international experts are appointed to lead the development of the IVS.
• There are more than 180 member organisations of the IVSC, operating in 137 countries worldwide including India.
• The IVSC is headquartered in London, UK.

Insolvency and Bankruptcy Board of India:

• The Insolvency and Bankruptcy Board of India was established on 1st October, 2016 under the Insolvency and Bankruptcy Code, 2016 (Code).
• It is a unique regulator: regulates a profession as well as processes.
• It has regulatory oversight over the Insolvency Professionals, Insolvency Professional Agencies, Insolvency Professional Entities and Information Utilities.
• It writes and enforces rules for processes, namely, corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy under the Code.
• It has also been designated as the ‘Authority’ under the Companies (Registered Valuers and Valuation Rules), 2017 for regulation and development of the profession of valuers in the country.

Source: PIB

Previous Year Questions

Q.1) With reference to the ‘Banks Board Bureau (BBB)’, which of the following statements are correct? (2022)

1. The Governor of RBI is the Chairman of BBB.
2. BBB recommends for the selection of heads for Public Sector Banks.
3. BBB helps the Public Sector Banks in developing strategies and capital raising plans.

Select the correct answer using the code given below:

1. 1 and 2 only
2. 2 and 3 only
3. 1 and 3 only
4. 1, 2 and 3

Q.2) With reference to Urban Cooperative Banks in India, consider the following statements:

1. They are supervised and regulated by local boards set up by the State Governments.
2. They can issue equity shares and preference shares.
3. They were brought under the purview of the Banking Regulation Act, 1949 through an Amendment in 1996

Which of the statements given above is/are correct? (2021)

1. 1 only
2. 2 and 3 only
3. 1 and 3 only
4. 1, 2 and 3