A Registered Valuer in Hyderabad is a professional registered with the IBBI under the Companies (Registered Valuers and Valuation) Rules, 2017, engaged wherever the Companies Act, 2013 or the Insolvency and Bankruptcy Code, 2016 requires a valuation report. CA Murli Chandak is registered with the IBBI for the Securities or Financial Assets asset class (IBBI/RV/07/2021/14408) and works with companies across Hyderabad’s pharma, life sciences, GCC and deep-tech sectors on preferential allotments, ESOP valuations, secondary share transfers and NCLT scheme valuations.
This is one specialisation within a wider valuation and advisory practice — for the full range of company valuation services, see the dedicated services page.
Contents
- Hyderabad’s valuation landscape
- Asset classes and what a Registered Valuer can sign
- When a Registered Valuer’s report is required
- Valuation triggers in pharma, life sciences and GCCs
- Which professional certifies what
- Hyderabad’s regulatory map: ROC, RD and NCLT
- Documents required
- Valuation methods and standards
- What a compliant valuation report contains
- Engagement process
- Common mistakes to avoid
- Why Choose CA Murli Chandak
- FAQs
1. Hyderabad’s valuation landscape
Hyderabad’s company base sits on two pillars that shape the kind of valuation work that comes up most often. The first is life sciences: Telangana accounts for roughly a third of India’s pharmaceutical and bulk-drug production and around a third of global vaccine doses, and Hyderabad’s Genome Valley cluster alone hosts more than 200 biotech and pharmaceutical companies from 18 countries, including several of the world’s largest vaccine and API manufacturers. The second is the Global Capability Centre economy: Hyderabad now runs 355-plus GCCs employing over 200,000 professionals, making it India’s second-largest GCC hub by leasing volume, with a growing share specifically from healthcare and life-sciences GCCs. Layered on top of both is a sizeable DPIIT-registered startup base, incubated in large part through T-Hub and WE Hub, spanning AI, deep-tech and SaaS.
Each of these segments brings its own valuation pattern — R&D-stage biotech cap tables, GCC entity restructurings, and startup fundraising rounds — alongside the more familiar triggers of family-owned manufacturing and trading businesses that make up Hyderabad’s older commercial base.
2. Asset classes and what a Registered Valuer can sign
The Companies (Registered Valuers and Valuation) Rules, 2017 recognise three separate asset classes for registration: Land and Building; Plant and Machinery; and Securities or Financial Assets. A valuer’s registration is asset-class specific — a report signed outside a valuer’s registered class is not a valid Registered Valuer’s report, regardless of the professional’s other qualifications.
CA Murli Chandak is registered with the IBBI for Securities or Financial Assets only (IBBI/RV/07/2021/14408). That covers share valuations, business valuations, ESOP fair value reports, and financial-asset valuations for Companies Act, IBC and tax purposes. Where a transaction also needs a Land and Building or Plant and Machinery report — for example, a pharma company’s Genome Valley plant, or a GCC’s leased office fit-out — that report is coordinated with a valuer separately registered in the relevant asset class within the same engagement.
3. When a Registered Valuer’s report is required
Not every valuation-adjacent event under Indian law calls for a Registered Valuer specifically — some route to a SEBI-registered Merchant Banker or a Chartered Accountant instead, and mixing the two up is one of the more common (and costly) mistakes companies make. The table below sets out the main triggers.
| Trigger | Governing provision | Professional required |
|---|---|---|
| Preferential allotment / issue of shares | Section 62(1)(c) read with Rule 13, Companies Act 2013 | Registered Valuer |
| Private placement (offer letter price justification) | Section 42 read with Rule 14, Companies Act 2013 | Registered Valuer |
| ESOP — grant-date fair value for expense recognition | Ind AS 102 (no statutory valuer mandate) | Commonly a Registered Valuer or independent valuer, by convention |
| ESOP — exercise-date perquisite FMV, unlisted shares | Section 17(1)(d), IT Act 2025, read with Rule 15(6), IT Rules 2026 | Category I SEBI-registered Merchant Banker — not a Registered Valuer |
| NCLT scheme of arrangement, merger or demerger (share exchange ratio) | Sections 230-232, Companies Act 2013 | Registered Valuer |
| Reduction of share capital | Section 66, Companies Act 2013 | Not statutorily required to be a Registered Valuer’s report — see note below |
| Transfer of unquoted equity shares (deeming provisions) | Section 92(2)(m) / Section 79, IT Act 2025, NAV computed per Rule 57, IT Rules 2026 | Chartered Accountant or Merchant Banker applying the prescribed NAV formula; often prepared alongside a Registered Valuer’s report where one is separately needed |
| CIRP / liquidation asset and enterprise valuation | Regulations 27 and 35, CIRP Regulations 2016 (as amended 2026) | Registered Valuer (two sets, one valuer per asset class per set, subject to the MSME single-set exception) |
| FEMA share transfer / swap pricing (cross-border) | Rule 21, NDI Rules 2019 | Chartered Accountant, practising Cost Accountant or SEBI-registered Merchant Banker — not a Registered Valuer |
| Purchase price allocation / impairment testing | Ind AS 103 / Ind AS 36 | Independent valuer engaged for the audit — commonly a Registered Valuer |
Two corrections worth flagging explicitly, since both are widely misstated in secondary material: a reduction of share capital under Section 66 does not itself carry a statutory Registered Valuer requirement — the Supreme Court confirmed in March 2026 that Parliament expressly mandated valuation in Sections 62, 230, 232 and 236 and conspicuously did not do so in Section 66. And the FEMA NDI Rules carry no fixed shelf-life for a certificate — the commonly cited “90 days” is AD-bank practice, not a rule.
4. Valuation triggers in pharma, life sciences and GCCs
Two categories of engagement come up disproportionately often in Hyderabad, given the city’s economic base.
4.1 Pharma and life sciences
- Pre-revenue ESOP grants. Genome Valley biotech and CDMO companies frequently issue options well before revenue exists, when enterprise value is driven by pipeline IP and regulatory milestones rather than current cash flows. Grant-date board valuations for expense recognition, and exercise-date FMV certificates once the company monetises, are both regular requirements.
- IP-heavy business valuations. Where a large share of value sits in licensed or owned intellectual property — a drug pipeline, a formulation patent, a biologics process — the valuation approach has to account for that explicitly rather than defaulting to a pure discounted cash flow of current operations.
- Fundraising by manufacturing subsidiaries. Global pharma companies building out API or CDMO capacity through an Indian subsidiary commonly raise capital into that subsidiary — a preferential allotment that needs a Registered Valuer’s report under Rule 13.
- Restructuring inside SEZ-based groups. Genome Valley operations are often held through multiple group entities for SEZ and regulatory reasons; internal restructuring, demergers or share exchanges among them go through the NCLT scheme route under Sections 230-232.
4.2 GCCs and deep-tech
- India-entity ESOP plans. A GCC’s India arm frequently runs its own equity plan for the local workforce, distinct from the global parent’s plan — both the grant-side and exercise-side valuations described above apply.
- Internal share transfers. Restructuring between a global parent and its India step-down subsidiary — often transfer-pricing driven — needs a secondary-transfer Registered Valuer’s report where the transaction falls within the Companies Act’s scope.
- Captive-to-carve-out transitions. As some GCCs move from a pure cost centre toward a standalone entity ahead of a later stake sale or IPO track, the change in structure typically runs through an NCLT scheme, again needing a share exchange ratio report.
- Deep-tech and AI startup fundraising. T-Hub and WE Hub-incubated startups raising priced rounds need preferential allotment reports at each round, plus the usual ESOP valuation cycle.
If you’re weighing a valuation trigger against a funding round, an ESOP grant, or an internal restructuring in Hyderabad, a short call is usually enough to map out which report you actually need and who should issue it.
5. Which professional certifies what
| Certificate needed | Right professional |
|---|---|
| Share valuation for a preferential allotment, private placement or NCLT scheme | IBBI Registered Valuer (Securities or Financial Assets) |
| ESOP unlisted-share FMV on exercise, for perquisite tax | Category I SEBI Merchant Banker |
| NAV computation for an unquoted equity share transfer (deeming provisions) | Chartered Accountant or Merchant Banker |
| FEMA-compliant valuation for a cross-border share transfer or swap | Chartered Accountant, practising Cost Accountant, or SEBI Merchant Banker |
| Asset or enterprise valuation in a CIRP or liquidation | IBBI Registered Valuer (asset-class specific, in coordinated sets) |
6. Hyderabad’s regulatory map: ROC, RD and NCLT
Company law filings and valuations connected to a Hyderabad-based company route through a specific set of offices, and two of them changed in 2026.
| Office | Coverage | Note |
|---|---|---|
| Registrar of Companies, Hyderabad | Telangana | Confined to Telangana by a 2014 MCA notification; Andhra Pradesh has had its own ROC at Vijayawada since October 2018. Some older third-party listings still show ROC Hyderabad as covering both states — the current position is Telangana only. |
| Regional Director, Southeastern Region Directorate | Headquartered at Hyderabad | Restructured under an MCA notification effective 16 February 2026, which renamed and reorganised the Regional Director network nationally (Hyderabad was already an RD location before this change). The precise list of ROCs grouped under the new Directorate has not been separately confirmed as of this writing. |
| NCLT, Hyderabad Bench | Telangana | The Bench’s jurisdiction originally extended to Andhra Pradesh as well; a separate NCLT Amaravati Bench was set up for Andhra Pradesh and has been functioning for all purposes since at least 2022. |
7. Documents required
- Audited financial statements for the last 3 years, and the latest management/provisional accounts
- Certificate of Incorporation, MOA, AOA and the latest MCA master data
- Capitalisation table and details of all instruments in issue (equity, CCPS, options, convertible notes)
- Business plan or financial projections, where a discounted cash flow approach applies
- Details of the specific transaction — allotment terms, scheme document, ESOP grant letter, or transfer agreement as relevant
- For pharma/life-sciences companies: pipeline status, key licences, and material IP or licensing agreements
- For GCCs: the intercompany or transfer-pricing agreement governing the India entity, where relevant
8. Valuation methods and standards
The method depends on the company’s stage and the nature of the trigger: discounted cash flow for companies with a credible projection base; net asset value where the transaction is asset-driven or the company is pre-revenue; comparable company and comparable transaction multiples as a cross-check; and, for IP-heavy pharma and biotech businesses, an explicit allocation of value to pipeline or licensed assets rather than folding everything into a single blended cash-flow figure.
Valuation standards under Rule 18 of the RV Rules have not been notified by the Central Government; the proviso to Rule 8(1) applies instead — internationally accepted valuation standards, or the standards adopted by the valuer’s Registered Valuers Organisation. For IBC-linked valuations specifically, International Valuation Standards became mandatory with effect from 1 April 2026.
9. What a compliant valuation report contains
Rule 8(3) of the RV Rules prescribes twelve mandatory elements of a valuation report. In brief:
| Clause | Element |
|---|---|
| (a) | Background of the company or asset being valued |
| (b) | Purpose of the valuation and the appointing authority |
| (c) | Identity of the valuer and any experts involved, and their qualifications |
| (d) | Disclosure of valuer interest or conflict, if any |
| (e) | Date of appointment, valuation date and date of the report |
| (f) | Inspections or investigations undertaken |
| (g) | Nature and sources of information relied upon |
| (h) | Procedures adopted and valuation standards followed |
| (i) | Restrictions on use of the report, if any |
| (j) | Major factors taken into account during the valuation |
| (k) | Caveats, limitations and disclaimers |
| (l) | Conclusion of value, with the basis stated — noting that caveats cannot be used to limit the valuer’s own responsibility |
10. Engagement process
- Initial call to confirm the trigger, the deadline, and which professional (RV, MB or CA) the transaction actually needs
- Engagement letter setting out scope, valuation date and fee
- Document collection — financials, cap table, transaction documents
- Management discussion (video call, for companies outside Hyderabad or working remotely)
- Valuation build — model, cross-checks, and draft conclusion
- Draft report circulation and query resolution
- Final signed report, delivered digitally with the IBBI registration number on record
The full process runs remotely end to end; a physical presence in Hyderabad is not required for either party.
11. Common mistakes to avoid
- Engaging a Registered Valuer for an ESOP exercise-date FMV certificate, when the law requires a Category I Merchant Banker for that specific certificate
- Assuming a Section 66 capital reduction needs a Registered Valuer’s report as a matter of law
- Treating a pharma or biotech company’s pipeline value as a straight DCF add-on rather than valuing it explicitly
- Leaving the valuation date undecided until late in the transaction, which forces rework if the transaction timeline slips
- Assuming a valuer registered for Land and Building can also sign a share valuation, or vice versa
12. Why Choose CA Murli Chandak for a Hyderabad Valuation
- Registered for the asset class Hyderabad’s transactions actually need. IBBI Registered Valuer for Securities or Financial Assets (IBBI/RV/07/2021/14408) — the class that covers share, business and ESOP valuations, which is what most Hyderabad fundraising, ESOP and restructuring engagements call for.
- Cross-border experience that matches Hyderabad’s GCC and pharma base. 300+ valuations across 7+ countries, including the USA, which is relevant wherever a Hyderabad entity reports up to a US-listed or US-GAAP parent — a common structure for GCCs and pharma subsidiaries in the city.
- Purchase price allocation experience under both Indian and US standards. 15+ PPAs under Ind AS 103, plus experience under ASC 805, so a Hyderabad acquisition or GCC carve-out can be reported to satisfy both an Indian statutory auditor and a US-GAAP group auditor.
- Impairment testing across both frameworks too. 30+ impairment tests under Ind AS 36, plus experience under ASC 350 — relevant for Genome Valley and GCC subsidiaries that sit inside a larger group’s annual impairment cycle.
- Reports built to hold up under audit scrutiny. Valuation work has been defended before Big Four audit teams, so reports are prepared for a detailed statutory or group-audit review, not just a first read.
- An investor-side perspective, not just a company-side one. Debt and equity valuation work for 10+ Indian funds brings an understanding of how the other side of a Hyderabad funding round is likely to read the valuation.
- 8+ years, including a partnership at a Chartered Accountancy firm. Experience spans statutory and concurrent audits, due diligence and forensic work, alongside valuation — not valuation in isolation.
13. FAQs
Who is a Registered Valuer, and why does it matter in Hyderabad specifically?
A Registered Valuer is registered with the IBBI under the Companies (Registered Valuers and Valuation) Rules, 2017, and is the only professional permitted to issue certain valuation reports under the Companies Act and the IBC. Hyderabad’s concentration of pharma/life-sciences companies and GCCs means these reports come up unusually often, tied to funding rounds, ESOP plans and restructuring.
What asset class is CA Murli Chandak registered for?
Securities or Financial Assets (IBBI/RV/07/2021/14408) — covering share and business valuations, not land, buildings or plant and machinery.
Is a Registered Valuer the same as a SEBI Merchant Banker?
No. They are separately regulated, cover different transactions, and one cannot substitute for the other. A Companies Act share valuation typically needs a Registered Valuer; an ESOP exercise-date FMV certificate or a FEMA cross-border valuation typically needs a Merchant Banker or Chartered Accountant instead.
Do ESOPs in Hyderabad’s GCCs need a Registered Valuer or a Merchant Banker?
Both can be involved, at different stages. The grant-date fair value used for expense recognition is commonly obtained from a Registered Valuer or independent valuer. The exercise-date perquisite FMV for unlisted shares, under Rule 15(6) of the Income-tax Rules 2026, must come from a Category I SEBI Merchant Banker.
Does a preferential allotment to a new pharma or GCC investor need a Registered Valuer’s report?
Yes — preferential allotments are governed by Section 62(1)(c) read with Rule 13 of the Companies Act, which requires a Registered Valuer’s report.
Does reducing share capital under Section 66 require a Registered Valuer’s report?
Not as a matter of statutory requirement. The Supreme Court confirmed in March 2026 that Section 66 does not carry the same valuation mandate that Parliament expressly wrote into Sections 62, 230, 232 and 236.
How is a biotech company’s IP-heavy value handled in a valuation report?
Where pipeline assets, licences or patents drive a material share of value, the report allocates value to those assets explicitly rather than folding everything into a single discounted cash flow of current operations.
Which NCLT Bench and ROC apply to a Hyderabad company?
NCLT Hyderabad Bench and ROC Hyderabad, both currently confined to Telangana. Andhra Pradesh companies file with ROC Vijayawada and NCLT Amaravati Bench instead.
Does the Regional Director at Hyderabad cover Andhra Pradesh too?
The Regional Director’s office at Hyderabad was restructured and renamed the Southeastern Region Directorate with effect from 16 February 2026 as part of a nationwide reorganisation. The precise list of states or ROCs now grouped under it has not been separately confirmed in secondary sources as of this writing.
What documents are needed for a valuation?
Audited financials for the last three years, incorporation documents, the capitalisation table, transaction-specific documents (allotment terms, scheme document, ESOP grant letter), and, for pharma companies, pipeline and licensing details.
How long does an engagement take?
This depends on document readiness and transaction complexity, and is confirmed at the engagement-letter stage rather than quoted generically.
Can the valuation be done remotely for a Hyderabad company?
Yes. The full process — from the initial call through to the signed report — runs remotely; no physical meeting in Hyderabad is required.
How do I verify a Registered Valuer’s registration?
The IBBI publishes a searchable register of all Registered Valuers, including their registered asset class, on its website.
What happens in an IBC or insolvency valuation for a Hyderabad company?
Under the CIRP Regulations as amended in 2026, two sets of Registered Valuers are appointed — one per asset class in each set, with a coordinating valuer designated per set — subject to a single-set exception where the corporate debtor qualifies as an MSME and the Committee of Creditors does not direct otherwise.
Speak to CA Murli Chandak
For a Registered Valuer’s report on a share valuation, ESOP plan, NCLT scheme or IBC matter connected to a Hyderabad company, a free 30-minute consultation is the fastest way to confirm scope and timeline.
CA Murli Chandak — FCA | IBBI-Registered Valuer (Securities or Financial Assets) — IBBI/RV/07/2021/14408
Website: murlichandak.com
Phone: +91 99985 39902
Email: murlichandak@murlichandak.com
Statutory positions on this page were verified against primary sources on 7 August 2026. This is general information about the applicable regulatory framework, not advice on any specific transaction — specialist legal advice should be taken before acting on any of it.
Companies (Registered Valuers and Valuation) Rules, 2017 | IBBI Registered Valuer directory | NCLT Bench list
