About Us

ABOUT IVSL

The Inception

With the establishment of the United Front Government in 1970, the subject of valuation was transferred to the Ministry of Finance from the Ministry of Lands. The new Hon. Minister of Finance, Dr. N. M. Perera, appointed Mr. B. L. W. Fernando, a former Auditor General, as a one-man Committee to inquire into the activities of the Valuation Department and to make recommendations for the improvement of the Department and the development of the valuation profession.

Memorandum

A group of senior valuers submitted a memorandum to the Committee suggesting several proposals for the development of the Department and the valuation profession.
First of the two main proposals was to establish a professional institute for the valuation profession.
The second was to mount a four-year B. Sc. Degree Course in Valuation at a Sri Lankan University
Both these proposals were accepted by the Committee and recommended the implementation thereof to the Hon. Minister of Finance.

OUR VISION

To be a professional organization acceptable and recognized by everyone in the society with a discipline committed membership to serve the nation in every possible manner for the economic, social development of the country.

OUR MISSION

To render highest level of professionalism in the field of valuation by the members with creativity, dignity, integrity and honesty in order to make the valuation profession a respectable and acceptable one to all.

Budget Speech of November 1971

The role of the Valuer in a developing economy has hitherto not been fully appreciated. The Chairman of the Public Accounts Committee has drawn attention of this House to this matter more than once. In a developing country such as ours, town planning and proper land utilisation are of great importance, and the Valuer has a key role to play in this field. He also has a very important function in revenue enforcement. I am referring to the implementation of such taxes as Estate Duty, Wealth Tax and Capital Levy. I, therefore propose to examine the feasibility of setting up an Institute of Valuers in Ceylon, to regulate the activities of this profession, and to organise a Course of Study similar to the Course in Estate Management presently conducted by British Universities. 

Hon. Minister of Finance, Dr. N. M. Perera (Budget Speech November 1971)

Draft Bill

Subsequently, on 28th December 1971, a conference was held at the Ministry of Finance under the chairmanship of Mr. L. O. De Silva, Senior Assistant Secretary. At this Conference a Sub Committee was appointed under the Chairmanship of Mr. Shirley Fernando, the leader of the group of Valuers referred to above, to study the matter and suggest a draft Bill be presented to Parliament. The Sub Committee submitted its report, with a suggested Draft Bill on 08th February 1972. Observations and suggestions on the Draft Bill were called for, from the public. Ten memoranda were received in response to this invitation. Having considered all these representations, the Draft Bill was finalised and approved by the Attorney General, and subsequently approved by the Cabinet.
However, with the resignation of Dr. N. M. Perera from the Cabinet, and subsequent changes in the Cabinet, there was a long delay in placing the Bill before Parliament, which was then known as the National State Assembly.

Establishment

Finally, the National State Assembly established the Institute of Valuers of Sri Lanka under Law No. 33 of 1975.

Hon. Minister of Finance, Mr. Felix R. D. Bandaranaike issued an Order under Section 1 of the Law that the Institute of Valuers of Sri Lanka Law No. 33 of 1975, by Gazette Extraordinary No. 244/8 dated 21th December 1976, appointing January 03 1977, as the date on which the aforesaid Law shall come into operation.
The final Regulations, classifying and grading as members, and providing for the appointment of an Enrolling Officer, were published by the Hon. Minister of Finance & Planning, Mr. Ronnie de Mel, in the Gazette Extraordinary No. 328/7 dated 31st July 1978. Mr. B. L. Ariyathillake, Deputy Chief Valuer, was appointed as the Enrolling Officer and Mr. N. Nanthakumara, Assistant Valuer, was appointed to assist the Enrolling Officer.

The First Council

With the conclusion of the enrolment process, the first Council was appointed by the Hon. Minister in 1980 with Mr. B. L. Ariyathillake as the President.

OUR Council

Affairs of the Institute is administered by a Council which is responsible for exercising and carrying out the powers, functions and duties of the Institute.

The Council of the Institute consists of the following members:
R.A.R.M.N. Rajakaruna
R.A.R.M.N. Rajakaruna
President
A. A. M. Fathihu
A. A. M. Fathihu
Vice President
T.S. Sivasubramaniam
T.S. Sivasubramaniam
Vice President
S. Sivaskantha
S. Sivaskantha
General Secretary
T. Vidanapathiranaratne
T. Vidanapathiranaratne
General Treasurer
L. Dasanayake Ast.
L. Dasanayake Ast.
General Secretary
T. Weerathne
T. Weerathne
Representative of Fellow Grade of Membership
E.M. Wimalasena
E.M. Wimalasena
Representative of Fellow Grade of Membership
G.H.A.P.K. Fernando
G.H.A.P.K. Fernando
Representative of Graduate Grade of Membership
K.R.N. Jayawardane
K.R.N. Jayawardane
Representative of Graduate Grade of Membership
D.K. Abeysekara
D.K. Abeysekara
Representative of Associate Grade of Membership
A.P.W. Manamperi
A.P.W. Manamperi
Representative of Associate Grade of Membership
P.D.D.S. Muthukumarana
P.D.D.S. Muthukumarana
Chief Valuer (ex-officio)
J. Jayasekera
J. Jayasekera
Colombo Municipal Assessor (ex-officio)
P.B. Kalugalagedera
P.B. Kalugalagedera
Nominees of the Hon. Minister of Finance
R. W. M.S.B. Rajapakse
R. W. M.S.B. Rajapakse
Nominees of the Hon. Minister of Finance
S. N. Wijepala
S. N. Wijepala
Immediate Past President