The right valuer
We confirm who must sign for your purpose: a Chartered Accountant, a SEBI registered Merchant Banker or an IBBI Registered Valuer.
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VALUATION REPORTS
Business Valuation Services and Share Valuation Reports
A valuation report has to satisfy the law it is prepared for. We scope each report by its purpose, build the model with your team and have it signed by the valuer that law recognises.
Your valuation report
Share valuation
Purpose fixedFEMA · Companies Act · income tax · transaction
Model builtDCF · net asset value · market comparables
Report signedBy the valuer the law recognises
A clear process. An accountable team.
WHAT YOU GET
A report that holds up when someone checks it
A bank, the RBI, the ROC or a tax officer can each ask to see the basis of a price. The report must name the purpose, the method, the assumptions and the valuer’s credentials. We build it to that standard from the start.
A method you can defend
DCF, net asset value or market comparables, chosen for the business and the purpose, with the reasons stated.
A report ready to file
The report, the valuation certificate and the working, ready for the bank, the RBI filing or the board meeting.
WHO SIGNS WHAT
The valuer depends on the purpose
Using the wrong valuer is the most common reason a report is rejected. Checked 25 Sep 2026.
| Purpose | Law | Who can sign |
|---|---|---|
| Shares issued to or transferred with a non resident | FEMA Non-debt Instruments Rules, 2019 | A Chartered Accountant, a SEBI registered Merchant Banker or a practising Cost Accountant |
| Preferential allotment or private placement | Companies Act, 2013, sections 42 and 62 | An IBBI Registered Valuer |
| Sweat equity shares | Companies Act, 2013, section 54 | An IBBI Registered Valuer |
| ESOP perquisite value for unlisted shares | Income tax rules on perquisite valuation | A SEBI registered Merchant Banker |
| Share transfer between residents | Income tax rules on fair market value, Rule 11UA | A formula based on adjusted book value, usually certified by a Chartered Accountant |
| Merger, demerger or scheme | Companies Act, 2013, sections 230 to 232 | An IBBI Registered Valuer |
HOW WE WORK
How a valuation report is built
The fee and the timeline are fixed once the purpose and the data are clear.
Fix the purpose and valuation date
We agree why the report is needed, the valuation date and which law it must satisfy.
Collect the information
Audited accounts, the latest management accounts, the cap table and any projections your board has approved.
Build and test the model
We build the model, test the key assumptions with your team and compare the result with a second method.
Issue the signed report
The qualified valuer reviews the working and signs the report and certificate.
METHODS
How we choose the valuation method
Discounted cash flow
DCF values the business on its projected cash flows. It suits companies with a credible plan, including startups raising money.
The projections must come from management and be approved by the board. We test them against past performance.
Net asset value
NAV values the business on its balance sheet. It suits holding companies, asset heavy businesses and companies that have stopped trading.
The income tax rules use a book value version for many share transfers.
Market comparables
Comparables value the business against listed peers or recent deals. They work when good comparable data exists.
We use them mostly to cross check a DCF or NAV result.
BUILD THE RIGHT ENGAGEMENT
Scope and fees
For foreign investors
Shares issued to a non resident cannot be priced below fair value. Shares transferred from a resident to a non resident follow the same floor.
The valuation certificate goes with the FC-GPR or FC-TRS filing. Our FEMA compliance team files both.
Startups and angel funding
The angel tax under section 56(2)(viib) was abolished from assessment year 2025-26. FEMA and Companies Act valuations are still required where those laws apply.
A pre revenue startup is usually valued on DCF with conservative projections.
How we scope the fee
The fee depends on the purpose, the method and how complete your financial data is. It is fixed in writing before we start.
The report must be dated close to the transaction. Plan it before you sign the term sheet.
YOUR QUESTIONS
Valuation report questions
Clear expectations make a better engagement.
When do I need a formal valuation report?
When you issue shares to investors, transfer shares with a non resident, grant sweat equity, value ESOPs for tax, or restructure through a scheme. Each law sets its own rules.
What is a Registered Valuer?
A professional registered with the Insolvency and Bankruptcy Board of India to do valuations under the Companies Act. Companies Act valuations must be signed by one.
Who can sign a FEMA valuation?
A Chartered Accountant, a SEBI registered Merchant Banker or a practising Cost Accountant, using an internationally accepted pricing method.
How do you value a startup with no revenue?
Usually with DCF based on board approved projections. We test the assumptions against the business plan and the funding round.
How long is a valuation report valid?
The law sets no fixed validity. The valuation date should be close to the transaction date, and your bank may set its own limit for FEMA filings.
Can one report serve FEMA and the Companies Act?
Sometimes. If the signer is both a Chartered Accountant and a Registered Valuer, one report can cover both purposes. We confirm this at the scoping stage.
LET’S DEFINE THE NEXT STEP
Tell us what the valuation is for
Share the purpose, the transaction date and the latest accounts. We will confirm who must sign and quote a fixed fee.
- A reply within 4 business hours, IST
- A fixed fee quote in writing after the first call
- Government fees shown at cost, with no markup
Prefer email? Write to [email protected].
Message Received
Thank you. Our team will review your enquiry and contact you.