Draft objective & functions for IOV Advisory Committee for Grievance Redressal

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Valuation profession has been in existence for the past more than 50 years and is progressing towards becoming an important tool in the decision making for any kind of financial transaction. As India is heading towards achieving $5trn economy and seeing the need of the hour, it is very vital that speed in growth of profession is achieved through IOV’s participation in building strong advocacy for the profession.

Recently, some of the cases has been observed, wherein Valuers were accused regarding concerns in their valuation report. Being the first national institution, with membership of more than 30,000 valuers, IOV has formed an Advisory Committee for Grievance Redressal with the following objectives: -

• 1.To develop an institutional framework to promptly address and resolve any complainant's grievances fairly and equitably.
• 2.To address all types of grievances, expeditiously and in a well-defined & unbiased manner
• 3.To provide enhanced level of satisfaction to all stakeholders through professionally managed redressal mechanism
• 4.To provide easily accessible, professionally managed and speedy resolution platform to address the grievances of all stakeholders

The IOV Advisory Committee for Grievance Redressal may advise and support in achieving following functions:

• 1)To provide procedure for receiving, processing, redressing and disclosing grievances against IOV or any member of IOV by :-
• • any member of the IOV
• • any person who has engaged the services of the concerned members of the IOV.
• • any other person of class of persons as may be provided by the Committee.
• 2)To provide for : -
• • the format and manner for filing grievances
• • maximum time and format for acknowledging receipt of a grievance.
• • maximum time for the disposal of the grievance.
• • Details of the mediation mechanism.
• • provision of a report of the grievance and mediation proceedings to the parties to the grievance upon dismissal or resolution of the grievance.
• • action to be taken in case of malicious or false complaints.
• • maintenance of a register of grievances made and resolutions arrived at and.
• • periodic review of the Grievance Redressal Mechanism.
• 3)After examining the grievance, Committee may : -
• • dismiss the grievance if it is devoid of merit or
• • initiate a mediation between parties for redressal of grievance
• • issues advisory to the concerned regarding resolution of grievance

Time Mechanism for redressal of the complaint

All the matter related to Grievance / Complaints are to be dealt expeditiously within time bound enforcement mechanism that will also strengthen the trust of the stakeholders in the process and the same may also result in increased stakeholder participation in the process.

S No	Activity	Proposed Timeline
1	In case of requirement of any information / documents then the IOV Headquarters may ask the complainant to submit the desired information and documents	Such letter will be sent to the complainant by e mail as provided in the complaint within 03 days of receipt of the complaint. A physical letter may also be sent by speed post/Registered Post.
2	The time period given to the complainant for furnishing of information / documents	15 days of sending e mail.
3	In case, no information is received within 15 days the reminder period will be	03 days
4	In case, complete information / documents not received within stipulated period then	Grievance / Complaint will be consigned to the record.
5	In case, all the desired information / documents are received, IOV Headquarters will submit its report to the Convener of the Committee	Within 10 days of the last letter/document received.
6	Submission of all the facts before the committee	In the next ensuing committee or the committee may be called to meet early as well.