New Delhi, Oct. 9 -- Bankruptcy watchdog - the Insolvency and Bankruptcy Board of India (IBBI) - has sought public comments for a total revamp of the way professionals who assess the worth of businesses are regulated.

IBBI's notice inviting comments, issued on Tuesday, suggests the government's idea is to go for a radical recast of the way valuation professionals are currently regulated, including possibly setting up central and state level regulators with quasi-judicial powers and an appeal mechanism. IBBI also wants to know the right qualification and model for education of valuation professionals, the appropriate body for conducting examinations and which global model to be followed in the new regulatory framework.

Currently, valuati...