In early 2000, a team of like-minded professionals started thinking that there were no alternatives than to impart proper education on valuation at the basal level and to assist Government and general people in maintaining the standard of appraisal of assets, to impart, encourage and arrange training, workshop and seminar on appraisal of properties, particularly real asset, Institution of Estate Managers & Appraisers (I.Esma) was set up in Kolkata in the year of 2003 under The Society Act. The motive was philanthropic and non-profit. We started our different courses and seminars in valuation and allied subjects from 2 hours to 2 years in the year of 2004.
Simultaneously, The Government of India started to feel this as a much needed profession in India and it has to be routed through a proper qualification, experience and examination, the valued opinion from a competent skilled "VALUER" to play a major role in the economy of the country.
At this juncture, The Ministry of Corporate Affairs came up with a novel concept through Insolvency Bankruptcy Code and the published gazette clearly defined about Valuation, Registered Valuers, Registered Valuers Organisation (RVO) and their roles, Insolvency Professionals, IPA with corresponding examinations and process of being IP, who would be the prospective clients of the valuation service rendered by a Registered Valuer. Then RVO Estate Managers & Appraisers Foundation emerged after crossing all the hurdles, consenting all the compliances, to act as Registered Valuer Organisation (RVO ESMA Foundation) under Section 247 of the Companies Act, 2013 read with Rule 12 of the Companies (Registered Valuers and Valuation) Rules, 2017, to do all such other lawful things as considered necessary for the furtherance of the above objects, a non-profit Company under Companies Act 2013 as per the guideline, suiting our philanthropic nature. A huge competition indeed, Our legacy kept us as number 1 in the IBBI website.
RVOs were enlisted under the IBBI, Govt. of India addressing all the compliances as postulated in IBC :
- to impart education,
- to grant membership,
- to lay down and enforce a code of conduct,
- to monitor,
- to oversee,
- to update knowledge through continuous education,
- to assist,
- to make aware,
- to make conscious,
- to confer the certificate of practice, to the Registered Valuer Members and Registered Valuer Entity (RVM/RVE).
RVOs shall also see the grievances, complaints etc. and are treated as extended hands of the IBBI. To reiterate, we the RVO Estate Managers & Appraisers Foundation, in short RVO ESMA Foundation not believing in unbalanced growth, is here to sustain.