In short: A registered valuer is a professional registered with the Insolvency and Bankruptcy Board of India under Section 247 of the Companies Act, 2013 and the Companies (Registered Valuers and Valuation) Rules, 2017. Registration is granted for one of three asset classes: Land and Building, Plant and Machinery, and Securities or Financial Assets. Share and business valuation falls in the third. For an Ahmedabad company, the practical difficulty is rarely the law, which is national. It is that Gujarat’s corporate base is asset-heavy, so a single transaction often needs more than one asset class at once, and several transactions that look like registered valuer work are in fact reserved to a merchant banker, a chartered accountant or a prescribed formula.
CA Murli Chandak is an IBBI-Registered Valuer for the asset class Securities or Financial Assets, registration number IBBI/RV/07/2021/14408, practising from Ahmedabad. This page sets out which certificate each transaction actually needs, how a multi-asset-class engagement is put together, what a report must contain to withstand review, and where an Ahmedabad file goes once it is signed. The equivalent guide for companies filing in Maharashtra is the registered valuer in Mumbai page, and the full range of work is set out under services.
1. Contents
- Verifying a registered valuer before you appoint one (Section 2)
- Why Gujarat engagements rarely stay inside one asset class (Section 3)
- Which certificate your transaction needs (Section 4)
- The transactions that recur in Gujarat’s promoter-led groups (Section 5)
- Where an Ahmedabad file goes after signature (Section 6)
- GIFT City IFSC: a separate valuation regime (Section 7)
- What makes a report defensible under Rule 8(3) (Section 8)
- Documents, engagement process, experience and 14 frequently asked questions (Sections 9 to 12)
2. Verify the valuer before you appoint, not after the filing is queried
Registration is asset-class specific, the register is public, and an eligibility defect is not curable after the event. If the signatory was not registered in the correct class on the valuation date, the report does not become correct because the numbers inside it are sound. Five checks take a few minutes and remove the most expensive category of failure.
| Check | What to look for |
|---|---|
| 1. Registration number and asset class | Search the number on the IBBI register of registered valuers. Match the class to what is actually being valued, not to the valuer’s general reputation. |
| 2. Status on the valuation date | The register records suspension, surrender and cancellation. What matters is the position on the valuation date and the report date, not the date you searched. |
| 3. Registered valuer organisation | Every registered valuer is enrolled with a recognised registered valuer organisation, which administers the code of conduct. It is your escalation route. |
| 4. Independence in this engagement | The model code of conduct in Annexure I to the Rules requires independence and disclosure of conflicts. Independence attaches to the assignment, not merely to the firm. |
| 5. Whether a second certificate is needed | Many transactions require a merchant banker or a chartered accountant in addition to, or instead of, a registered valuer. Settle this before the engagement letter, not after the filing is queried. |
3. Why Gujarat engagements rarely stay inside one asset class
Chemicals and dyes, pharmaceuticals and intermediates, engineering, ceramics, textiles, packaging and processed agriculture dominate the promoter-led company profile around Ahmedabad, Sanand, Vatva, Naroda, Odhav and the Vadodara and Bharuch belt. These are operating businesses that own land, constructed factory premises and installed plant. The consequence is structural: the transaction is a share transaction, but the value sits substantially in immovable property and machinery, and a reviewer will test those components independently.
| Transaction | Asset classes engaged | What this changes in practice |
|---|---|---|
| Slump sale or transfer of a manufacturing undertaking | Securities or Financial Assets; Land and Building; Plant and Machinery | The undertaking is valued as a whole, but the allocation across land, buildings, plant and intangibles drives stamp duty and the tax outcome on both sides. The allocation has to be reasoned, not residual. |
| Amalgamation or demerger within a family group | Securities or Financial Assets, with Land and Building where an asset approach carries weight | The deliverable is a share exchange ratio, but where net asset value is one of the weighted methods, the property component must be defensible on its own. |
| Preferential allotment in an asset-heavy company | Securities or Financial Assets | One class suffices, though the asset approach inside the report still draws on property and plant inputs that should be sourced rather than assumed. |
| Purchase price allocation after an acquisition | Securities or Financial Assets, with Plant and Machinery where fixed assets are stepped up | The statutory auditor tests each allocated component separately, including the useful lives assigned to the stepped-up assets. |
| Corporate insolvency resolution process | All three, depending on the asset base | The regulations require a registered valuer for each asset class within each set of valuers appointed. |
Securities and financial asset work is signed personally. Land and Building and Plant and Machinery components are delivered in coordination with valuers registered in those classes, within one engagement and one point of contact, so the classes reconcile to each other rather than arriving as three unrelated documents with three different sets of assumptions.
4. Which certificate your transaction needs
This is the single most common point of failure, and it is a question of eligibility rather than of technique. A registered valuer’s report is the correct instrument for a defined set of transactions and the wrong instrument for several others that look similar.
| Transaction | Who must sign | Source |
|---|---|---|
| Preferential allotment of shares | Registered valuer (Securities or Financial Assets) | Section 62(1)(c) read with Rule 13, Companies (Share Capital and Debentures) Rules, 2014 |
| Private placement by way of a preferential offer | Registered valuer, with the basis of price justified in the offer letter | Section 42 read with Rule 14, Companies (Prospectus and Allotment of Securities) Rules, 2014 |
| Scheme of compromise, arrangement, merger or demerger | Expert report on valuation | Sections 230 to 232, Companies Act, 2013 |
| Purchase of a minority shareholding | Registered valuer | Section 236, Companies Act, 2013 |
| Non-cash transaction involving a director | Registered valuer | Section 192, Companies Act, 2013 |
| Reduction of share capital | No registered valuer’s report is statutorily required | Section 66, as read by the Supreme Court on 10 March 2026 |
| Issue or transfer of equity instruments involving a non-resident, unlisted company | Chartered Accountant, or a Merchant Banker registered with SEBI, or a practising Cost Accountant | Rule 21, Foreign Exchange Management (Non-debt Instruments) Rules, 2019 |
| Swap of equity instruments, irrespective of amount | Merchant Banker registered with SEBI, or an investment banker outside India registered with the host country regulator | Rule 21, NDI Rules, 2019 |
| ESOP perquisite value at exercise, unlisted shares | Category I Merchant Banker registered with SEBI | Section 17(1)(d) read with Section 17(5)(h), Income-tax Act, 2025, and Rule 15(6), Income-tax Rules, 2026 |
| Tax floor value of unquoted equity shares | Prescribed net asset value formula, not an opinion of value | Rule 57, Income-tax Rules, 2026 |
| Corporate insolvency resolution process | Two sets of registered valuers, one valuer per asset class in each set | Regulations 27 and 35, CIRP Regulations, 2016, as amended in 2026 |
Two rows repay attention. Section 66 does not itself require a registered valuer’s report: on 10 March 2026 the Supreme Court held that a reduction of capital can be effected by special resolution and confirmation by the Tribunal without one, reasoning that Parliament expressly mandated valuation in Sections 62, 230, 232 and 236 and conspicuously did not do so in Section 66. A valuation nevertheless remains commercially advisable in a selective reduction that pays out some shareholders and not others. And the ESOP perquisite valuation is a merchant banker’s certificate, not a registered valuer’s report, even though the underlying share is the same share a registered valuer may have valued at grant.
Where a transaction needs more than one certificate, the answer is not to choose between them. It is to run every certificate off one consistent set of financial assumptions, so that two documents about the same company do not tell a reviewer two different stories.
Not sure which certificate your transaction needs? Send the transaction structure and the filing you are working towards, and you will receive a written answer on which certificate is required, who must sign it and what the reviewing authority will test. A consultation of up to 30 minutes is offered at no charge.
5. The transactions that recur in Gujarat’s promoter-led groups
5.1 Internal transfers and family settlements
Closely held Gujarat companies are frequently restructured within the family rather than sold: shares move between brothers, between generations, into a holding company, or into or out of a trust. There is no Companies Act valuation trigger in a plain transfer between two residents, which is precisely why these transfers are under-documented. The exposure is on the tax side. Both sides of a transfer of unquoted equity shares are tested against the prescribed floor computed under Rule 57 of the Income-tax Rules, 2026, and the difference between consideration and the deemed value is taxed. Where a family arrangement is later reopened, the contemporaneous valuation file is what settles it. The valuation itself sits inside the wider company valuation workstream rather than being commissioned as a standalone certificate.
5.2 Business transfer and slump sale
Carving a division out of an operating company is common in Gujarat groups separating a legacy manufacturing business from a newer one, or ring-fencing an asset before a fundraise. The valuation has two jobs: to support the lump-sum consideration for the undertaking, and to allocate that consideration across land, buildings, plant, working capital and intangibles. A defensible allocation supports the depreciation position, the stamp duty position and the transferee’s opening balance sheet at the same time. Sequencing the steps in the right order is transaction advisory work as much as valuation work.
5.3 Raising capital
Rule 13 of the Companies (Share Capital and Debentures) Rules, 2014 provides that the price of securities issued on a preferential basis shall not be less than the price determined on the basis of a registered valuer’s report, and Section 42 read with Rule 14 requires the offer letter to state the basis and justification of the price. Where any subscriber is non-resident, the FEMA pricing floor under Rule 21 applies in addition, certified by a different category of professional. Where the issuer is an early-stage company, this usually sits inside a wider startup and fundraising workstream rather than being commissioned in isolation.
Note the direction of travel on tax. Section 56(2)(viib) of the Income-tax Act, 1961, the angel tax provision, was omitted by the Finance (No. 2) Act, 2024 with effect from assessment year 2025-26, and the merchant banker discounted cash flow route that sat under it went with it. Founders who still expect a discounted cash flow certificate to justify a premium on a fresh issue should note that what survives is the Rule 57 floor and, for a non-resident subscriber, the Rule 21 pricing certificate.
5.4 Employee stock options: two events, two professionals
An ESOP generates two separate valuations at two separate points, and conflating them is common. Both sit within ESOP advisory.
- At grant. The fair value of the option supports the charge in the financial statements under Ind AS 102, and the share value supports the exercise price.
- At exercise. The taxable perquisite in the employee’s hands is governed by Section 17(1)(d) of the Income-tax Act, 2025, computed under Section 17(5)(h) and read with Rule 15(6) of the Income-tax Rules, 2026. For an unlisted share the fair market value must be determined by a Category I Merchant Banker registered with SEBI, on the date of exercise or a date not more than 180 days earlier. For a listed share it is the average of the opening and closing price on the exchange on the exercise date. Tax deduction at source falls under Section 392 of the 2025 Act, which also carries the eligible-startup deferral.
5.5 Cross-border transactions
Gujarat exporters and pharmaceutical and chemical groups with overseas subsidiaries, and families holding assets outside India, meet Rule 21 of the NDI Rules, 2019 regularly. For an unlisted Indian company the price of equity instruments issued or transferred to or by a person resident outside India must be worked out under an internationally accepted pricing methodology on an arm’s length basis, certified by a Chartered Accountant, a SEBI-registered Merchant Banker or a practising Cost Accountant. Where equity instruments are swapped, the valuation must be by a SEBI-registered Merchant Banker or an investment banker outside India registered with the host country regulator, irrespective of the amount involved. The swap route was widened by the amendment to the NDI Rules notified on 16 August 2024, which is what makes most flip and reverse-flip structures workable today.
One point deserves care. It is widely stated that a FEMA valuation certificate is valid for 90 days. Rule 21 prescribes no shelf life. The period applied in practice is authorised dealer bank practice at the reporting stage, and published guidance is inconsistent, with some sources citing 180 days. Confirm the requirement with the bank that will report the transaction before you date the certificate.
5.6 Insolvency
Under the CIRP Regulations, 2016 as amended in 2026, the resolution professional appoints two sets of registered valuers to determine fair value and liquidation value, each set comprising one registered valuer for each asset class of the corporate debtor, with a coordinating valuer designated within each set, and a third set where the estimates differ by 25 per cent or more. By the Second Amendment Regulations notified on 19 May 2026 and in force from 20 May 2026, one set suffices where the corporate debtor is a micro, small or medium enterprise, unless the committee of creditors decides otherwise for reasons recorded in writing. The formulation that two registered valuers are appointed is now out of date.
For insolvency work the applicable standards also changed. By circular IBBI/RV/93/2026 dated 1 April 2026, the International Valuation Standards became applicable to all valuations conducted under the Code with immediate effect, and on 15 June 2026 the Board issued consolidated guidelines on conducting valuation under the Code, dealing with documentation and minimum report content.
5.7 Financial reporting
Valuation for financial reporting is driven not by the registered valuer rules but by the accounting standards, and the reviewer is the statutory auditor rather than a regulator. The recurring assignments are purchase price allocation under Ind AS 103, impairment testing of a cash generating unit, goodwill or an investment in a subsidiary under Ind AS 36, and fair value measurement and disclosure under Ind AS 113. These reports are tested differently: the auditor examines the discount rate build-up, the terminal growth assumption, the reconciliation of projections to board-approved budgets, and the sensitivity of the conclusion to each. Companies that need this discipline maintained through the year rather than assembled at the year end usually run it alongside CFO services.
6. Where an Ahmedabad file goes after signature
| Forum | Position for a Gujarat company |
|---|---|
| Registrar of Companies, Ahmedabad | Companies and limited liability partnerships registered in Gujarat file here. The valuation surfaces at the filing stage, where the return of allotment, the offer letter and the board and shareholder resolutions must be internally consistent with the report and with each other. Confirm the current position against the MCA’s directory of Registrars. |
| Regional Director, North-Western Region | Headquartered at Ahmedabad. The Ministry of Corporate Affairs re-aligned its field offices with effect from 16 February 2026; none of the new Registrars created in that exercise affects Gujarat, and the North-Western Region Directorate continues to sit at Ahmedabad. The Regional Director’s representations in a scheme are where valuation objections are typically first recorded. See the MCA directory of Regional Directors. |
| NCLT Ahmedabad Bench | Hears company law and insolvency matters for Gujarat and the Union Territory of Dadra and Nagar Haveli and Daman and Diu. Jurisdiction over Madhya Pradesh has been exercised by the Ahmedabad Bench pending operationalisation of the Indore Bench. Bench allocations are re-notified periodically; confirm the current position on the NCLT Ahmedabad Bench page and the tribunal’s list of benches before filing. |
| Assessing officer | Tests the Rule 57 computation line by line against the audited balance sheet, and tests whether the consideration on a transfer fell below the deemed value. |
| Authorised dealer bank | Reviews the Rule 21 pricing certificate before reporting in Form FC-GPR or Form FC-TRS, and applies its own internal checklist in addition to the rule. |
| Statutory and group auditors | Test the inputs behind purchase price allocation, impairment and fair value disclosures, often against a group materiality threshold set outside India. |
7. GIFT City IFSC: a valuation regime outside the Companies Act framework
The International Financial Services Centre at GIFT City in Gandhinagar is within commuting distance of Ahmedabad, and its fund ecosystem carries valuation obligations that have nothing to do with the registered valuer rules. They arise under the IFSCA (Fund Management) Regulations, 2025 and are administered by the International Financial Services Centres Authority.
A fund management entity must be registered in one of three categories, each with its own prescribed net worth: an authorised fund management entity, a registered non-retail fund management entity and a registered retail fund management entity. Valuation frequency then depends on the scheme. A venture capital scheme values its investments at least annually. A restricted scheme values monthly if open-ended and half-yearly if close-ended. A retail scheme values daily if open-ended and weekly if close-ended, with net asset value disclosure governed by Regulation 51.
The practical point for an Ahmedabad promoter or fund sponsor is that a GIFT City scheme needs a recurring, independent valuation discipline rather than a one-off certificate, and that discipline has to be written into the fund documents before the first drawdown rather than assembled at the first reporting date. Confirm the current requirement with the Authority before relying on any general statement, since the IFSCA framework is amended frequently.
8. What makes a report defensible
Rule 8(3) of the Companies (Registered Valuers and Valuation) Rules, 2017 lists the twelve matters a valuation report must state. Each exists because a report that omits it invites a specific objection.
| Rule 8(3) | Requirement | Objection it pre-empts |
|---|---|---|
| (a) | Background information of the asset being valued | That the valuer did not understand what was being valued |
| (b) | Purpose of valuation and appointing authority | That the report is being used for a purpose it was never written for |
| (c) | Identity of the valuer and any other experts involved | That an ineligible person did the work |
| (d) | Disclosure of valuer interest or conflict, if any | That the valuer was not independent |
| (e) | Date of appointment, valuation date and date of report | That events after the valuation date were used, or should have been |
| (f) | Inspections and investigations undertaken | That management assertions were adopted without testing |
| (g) | Nature and sources of the information used or relied upon | That a key input cannot be traced to a source |
| (h) | Procedures adopted and valuation standards followed | That the method was chosen to reach a predetermined answer |
| (i) | Restrictions on use of the report, if any | That a third party relied on the report without authority |
| (j) | Major factors that were taken into account during the valuation | That a material factor was ignored |
| (k) | Conclusion | That the opinion is hedged into meaninglessness |
| (l) | Caveats, limitations and disclaimers, which are not to be used for the purpose of limiting the valuer’s responsibility | That the valuer disclaimed the very expertise he was appointed for |
Two related points are frequently misstated. The duty not to disclaim liability for one’s own expertise comes from clause 9 of the model code of conduct in Annexure I to the Rules, read with Rule 8(3)(l), and not from a sub-rule of Rule 8. And the IBBI (Use of Caveats, Limitations, and Disclaimers in Valuation Reports) Guidelines, 2020 were notified on 1 September 2020 under Rule 14(i) and apply to valuations completed on or after 1 October 2020.
8.1 Which standards apply
Rule 18 empowers the Central Government to notify valuation standards, and none have been notified. Until they are, the proviso to Rule 8(1) governs: the valuer values in accordance with internationally accepted valuation standards, or standards adopted by a registered valuer organisation. For valuations under the Insolvency and Bankruptcy Code, the International Valuation Standards are mandatory following the circular dated 1 April 2026. A report that asserts compliance with unspecified standards has failed Rule 8(3)(h) before a reviewer reaches the numbers.
8.2 Conduct obligations a client should know about
- The code of conduct in Annexure I to the Rules bars a registered valuer from accepting an assignment where the fee is contingent on the conclusion, and from providing a valuation to accommodate a predetermined outcome.
- Rule 7 requires records of every assignment to be retained for at least 3 years, which is what allows a report to be reconstructed if it is challenged years later.
- Where inputs are taken from another registered valuer, Rule 8(2) requires full disclosure of those inputs, and liability for the resulting valuation remains with the valuer signing the report.
A client benefits from these obligations rather than being constrained by them. A report signed by a valuer whose fee did not depend on the answer is materially harder for an assessing officer, a Regional Director or a group auditor to attack.
9. Documents required
The list depends on the asset class and the purpose. Assembling the first two groups before the engagement letter is signed typically removes a week from the timeline.
| Group | Documents |
|---|---|
| Constitutional and corporate | Certificate of incorporation, memorandum and articles, shareholding pattern on the valuation date, allotment and transfer history, capitalisation table including options and convertible instruments, and the board and shareholder resolutions relevant to the transaction |
| Financial | Audited financial statements for the last 3 to 5 years, provisional accounts to the valuation date, board-approved projections with the assumptions behind them, debt schedules and sanction letters, contingent liabilities and litigation status, related party transactions |
| Transaction | Term sheet or share purchase or subscription agreement, draft scheme where applicable, prior valuation reports, prior transactions in the company’s own shares, and the filing the valuation is intended to support |
| Land and Building | Title documents, approved plans, occupancy certificate, land use permissions, area statements and property tax records |
| Plant and Machinery | Fixed asset register with dates of capitalisation, installation and commissioning records, maintenance history, capacity and utilisation data, and insurance schedules |
10. How the engagement runs
| Step | What happens |
|---|---|
| 1 | Scoping call to establish the transaction, the filing it supports and the deadline, and therefore which certificate and which signatory are required |
| 2 | Engagement letter recording scope, valuation date, purpose, standard applied, deliverable, restrictions on use, fees and timeline. The fee is never contingent on the conclusion |
| 3 | A single consolidated information request, structured by the groups above, rather than a series of follow-up emails |
| 4 | Analysis: method selection, financial analysis, discount rate build-up or asset analysis as appropriate, and cross-checks against alternative approaches |
| 5 | Draft discussed with management so that factual errors and misunderstood assumptions are corrected. The conclusion is not negotiated |
| 6 | Signed report issued with the full Rule 8(3) content set, the standard applied identified, and the source of every material input stated |
| 7 | Support with queries from auditors, the bank, the Registrar, the Regional Director or an assessing officer, answered from the retained working papers |
Securities and financial asset engagements run remotely as a matter of course, with documents exchanged electronically and discussions by video call. Physical presence matters for site inspection in a land or plant assignment; for a share valuation it does not. Where a company also needs the corporate filings around the transaction handled, that sits under secretarial services, and the tax positions under taxation services.
11. Experience behind the report
A fuller professional background is set out separately, and the practice profile for local engagements is described on the chartered accountant in Ahmedabad page.
| Credential | Detail |
|---|---|
| Qualification | Fellow Chartered Accountant |
| Registration | Registered Valuer under Section 247 of the Companies Act, 2013, registered with IBBI for the asset class Securities or Financial Assets, registration number IBBI/RV/07/2021/14408 |
| Experience | More than 8 years in valuation practice |
| Volume and reach | More than 300 valuation assignments across more than 7 countries, including the United States |
| Business combinations | More than 15 purchase price allocations under Ind AS 103, and one under ASC 805 |
| Impairment | More than 30 impairment tests under Ind AS 36, and one under ASC 350 |
| Audit scrutiny | Assignments, including purchase price allocations, defended before Big Four audit teams |
| Funds | Debt and equity valuation for more than 10 Indian funds |
| Earlier practice | Formerly Partner at a chartered accountancy firm, with experience in bank statutory, concurrent and stock audits, due diligence and forensic assignments |
The registration can be verified independently on the IBBI register by searching the registration number above.
12. Frequently asked questions
Is there a separate Gujarat or Ahmedabad registration for valuers?
No. Registration under Section 247 is national and is granted for an asset class, not for a city or state. A valuer registered anywhere in India may accept an Ahmedabad assignment, and the register is public.
Which asset class do I need for a share valuation?
Securities or Financial Assets. A valuer registered for Land and Building is not authorised to value equity shares, and a valuer registered for Securities or Financial Assets is not authorised to value land. Match the class to the subject matter before you appoint.
Can one valuer sign for land, plant and shares together?
Only if registered in each of those classes, which is uncommon. In practice a multi-asset engagement is delivered by more than one registered valuer, each registered in the relevant class, coordinated so the components reconcile. What you should insist on is a single point of accountability and one consistent set of assumptions, not a single signature.
Is a registered valuer required for every share issue?
No. The report is required for a preferential allotment under Section 62(1)(c) read with Rule 13, and for a private placement made by way of a preferential offer under Section 42 read with Rule 14. A rights issue to existing shareholders in proportion to their holdings does not require one. Where a non-resident subscribes, a separate pricing certificate under Rule 21 of the NDI Rules, 2019 is required in addition.
Does a reduction of share capital need a valuation report?
Not as a statutory requirement of the section. The Supreme Court held on 10 March 2026 that a reduction under Section 66 can be effected by special resolution and Tribunal confirmation without a valuer’s report, contrasting Sections 62, 230, 232 and 236 where valuation is expressly mandated. A valuation may still be commercially advisable, particularly in a selective reduction.
What is the difference between a registered valuer and a merchant banker here?
They are different registrations serving different provisions. A registered valuer is registered with IBBI under the Companies Act framework; a merchant banker is registered with SEBI. The fair market value of an unlisted share on ESOP exercise must come from a Category I Merchant Banker under Rule 15(6) of the Income-tax Rules, 2026, and a swap of equity instruments must be valued by a SEBI-registered Merchant Banker under Rule 21. Neither can be substituted with a registered valuer’s report.
We are transferring shares within the family. Do we need a valuation?
The Companies Act does not require one for a plain transfer between residents, but the income tax position does. Both transferor and transferee are tested against the floor computed under Rule 57 of the Income-tax Rules, 2026 for unquoted equity shares, and the shortfall against that floor is taxable. A contemporaneous working is what protects the transaction if it is examined later.
Has angel tax valuation gone away?
Section 56(2)(viib) of the Income-tax Act, 1961 was omitted by the Finance (No. 2) Act, 2024 with effect from assessment year 2025-26, and the merchant banker discounted cash flow route that sat under it went with it. What survives is the Rule 57 floor for unquoted equity shares and, where a non-resident is involved, the Rule 21 pricing certificate.
Is a FEMA valuation certificate valid for 90 days?
Rule 21 prescribes no shelf life. The 90-day expectation commonly quoted is authorised dealer bank and filing-stage practice rather than a rule, and published guidance is inconsistent, with some sources citing 180 days. Confirm the position with the bank that will report the transaction in Form FC-GPR or Form FC-TRS.
How many valuers are appointed in an insolvency case?
Two sets of registered valuers, with one valuer for each asset class in each set and a coordinating valuer designated within each set, and a third set where the estimates differ by 25 per cent or more. From 20 May 2026 a single set suffices where the corporate debtor is a micro, small or medium enterprise, unless the committee of creditors directs otherwise in writing.
Which valuation standards must the report follow?
The Central Government has not notified standards under Rule 18. Until it does, the proviso to Rule 8(1) applies: internationally accepted valuation standards, or standards adopted by a registered valuer organisation. For valuations under the Insolvency and Bankruptcy Code, the International Valuation Standards are mandatory following the IBBI circular dated 1 April 2026.
Which tribunal hears a Gujarat company’s scheme?
The NCLT Ahmedabad Bench, covering Gujarat and the Union Territory of Dadra and Nagar Haveli and Daman and Diu, and exercising jurisdiction over Madhya Pradesh pending operationalisation of the Indore Bench. Bench allocations are re-notified periodically, so confirm the position for your registered office before filing.
How long does a valuation take?
For a securities valuation with complete information, a first draft within 1 to 2 weeks of receiving the full document set is realistic. What extends the timeline is almost always information: projections not yet approved by the board, an incomplete capitalisation table, unresolved contingent liabilities, or a site inspection that has to be scheduled.
Can the valuation be revised if we disagree with the number?
A draft is circulated so that facts can be verified and factual errors corrected, and corrections at that stage are welcome. The conclusion is the valuer’s independent opinion. The code of conduct prohibits convenience valuations and prohibits charging a fee contingent on the outcome.
13. Speak to a registered valuer in Ahmedabad
If a transaction is in progress and you are not certain which certificate it requires, that question is worth resolving before the board resolution is passed rather than after the filing is queried. Consultations of up to 30 minutes are offered at no charge.
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 verified against source on 6 August 2026. Bench allocations, field office jurisdictions, insolvency regulations and the IFSCA framework change frequently; the position applicable to a particular transaction should be confirmed before filing. This page is general information on Indian valuation and corporate law requirements and is not advice on any specific transaction. Where a matter requires a legal opinion, specialist legal advice should be taken.
