In short: A Delhi company issuing shares, restructuring a holding structure, granting ESOPs or going through an NCLT scheme usually needs a valuation report from a professional holding the specific statutory credential for that transaction — not simply “a valuer.” That matters more in Delhi than in most cities, because Delhi is where the regulators themselves sit: the Insolvency and Bankruptcy Board of India is headquartered here, two NCLT benches sit here, and the appellate tribunal never leaves the city either. CA Murli Chandak is registered with the IBBI as a Registered Valuer for Securities or Financial Assets (Registration No. IBBI/RV/07/2021/14408), and works with Delhi companies, investors and shareholders on share, business and ESOP valuations within this framework.
Contents
- 1. The Registered Valuer Framework
- 2. Delhi’s Regulatory Map: Where the Regulators Themselves Sit
- 3. What Delhi’s Regulatory Concentration Actually Means for Your Report
- 4. CA Murli Chandak’s Registration Profile
- 5. Can a Delhi Company Engage CA Murli Chandak?
- 6. When a Delhi Business Needs a Valuation
- 7. Who Certifies What: Registered Valuer, Merchant Banker or CA
- 8. Verifying a Registered Valuer Before You Engage One
- 9. Documents to Keep Ready
- 10. Valuation Methods
- 11. What a Valuation Report Must Contain
- 12. Common Mistakes to Avoid in Delhi
- 13. Why Choose CA Murli Chandak
- 14. Frequently Asked Questions
- Speak to CA Murli Chandak
1. The Registered Valuer Framework
Section 247 of the Companies Act, 2013 created the Registered Valuer (RV) framework; the Companies (Registered Valuers and Valuation) Rules, 2017 fill in the operating detail. The requirement has had teeth since 1 February 2019: a valuation required under the Companies Act, 2013 or the Insolvency and Bankruptcy Code, 2016 must carry the signature of someone actually registered with the Insolvency and Bankruptcy Board of India (IBBI) as a Registered Valuer — a professional opinion from an otherwise qualified accountant or banker does not substitute for it.
The Rules recognise three asset classes, and registration in one does not authorise work in another:
- Land and Building — residential, commercial and industrial property, and land
- Plant and Machinery — industrial equipment, production facilities and technical installations
- Securities or Financial Assets — shares, business interests and financial instruments
A professional described generally as a “registered valuer” is not, by that description alone, qualified to value every kind of asset. The starting question for any Delhi company or shareholder should be: what exactly needs to be valued, and does the professional’s IBBI registration cover that specific asset class?
2. Delhi’s Regulatory Map: Where the Regulators Themselves Sit
Every city in this series has its own regulatory geography, but Delhi’s is unusual in one specific respect: it is not just where companies are incorporated and filings are made — it is where the regulatory bodies themselves are headquartered.
- IBBI headquarters. The Insolvency and Bankruptcy Board of India — the body that maintains the Registered Valuer register itself — is headquartered at 7th Floor, Mayur Bhawan, Shankar Market, Connaught Circus, New Delhi 110001. A Delhi company’s valuation report and the register that verifies the valuer who signed it sit in the same city.
- Two NCLT benches, not one. The NCLT Principal Bench is located in New Delhi, and a separate New Delhi (regional) Bench sits in the same city. Most other cities in this series route their scheme petitions, insolvency filings and appeals through a single regional bench.
- Appeals stay in the city too. The National Company Law Appellate Tribunal (NCLAT), which hears appeals from every NCLT bench across India, is also seated in New Delhi. For a Delhi company, the appellate stage does not involve a different city the way it does for companies based in Jaipur, Kolkata or Chennai.
- A freshly redrawn ROC and RD map. Under MCA Notification S.O. 4850(E) dated 23 October 2025, effective 16 February 2026, the erstwhile Registrar of Companies, Delhi & Haryana was split three ways: ROC (NCT of Delhi-I), covering the districts of South Delhi, Southwest Delhi, New Delhi, Southeast Delhi and East Delhi; ROC (NCT of Delhi-II), covering Central Delhi, West Delhi, North Delhi, Northwest Delhi, Northeast Delhi and Shahdara; and a separate ROC (Haryana), relocated to Chandigarh. A companion Notification S.O. 4852(E), also dated 23 October 2025, split the Regional Directorate of the Northern Region the same way — RD (NR-I), headquartered in New Delhi, now covers the NCT of Delhi and Uttar Pradesh, while RD (NR-II), headquartered in Chandigarh, covers Haryana, Himachal Pradesh, Punjab, Uttarakhand and the Union Territories of Chandigarh, Ladakh and Jammu & Kashmir.
The practical consequence: a Delhi company filing a scheme of arrangement, a special resolution requiring RD confirmation, or an appeal, needs to know which of the two ROC offices its registered address now falls under, and that RD (NR-I) no longer covers Haryana. Companies that assume the pre-February-2026 combined Delhi & Haryana office is still the filing point will address correspondence to the wrong Registrar.
3. What Delhi’s Regulatory Concentration Actually Means for Your Report
To be direct about what this does not mean: a valuer’s office being located near Connaught Place has no bearing on the validity of a report, and IBBI registration does not work on a geographic basis. A Registered Valuer anywhere in India may value a Delhi company’s shares, provided the assignment falls within their registered asset class.
What Delhi’s concentration of regulators, tribunals and large corporate headquarters does mean is that reports prepared for Delhi companies are statistically more likely to pass through sophisticated reviewers — in-house legal teams at multinational subsidiaries, Big Four audit teams, and NCLT registries that process a high volume of scheme petitions. That raises the practical bar on report quality: the twelve disclosures Rule 8(3) requires (Section 11 below), correct citation of current law, and a defensible methodology matter as much in Delhi as anywhere — arguably more, given how often a Delhi-filed report is read by someone who has seen hundreds of others.
4. CA Murli Chandak’s Registration Profile
CA Murli Chandak is listed on the IBBI Registered Valuers directory under registration number IBBI/RV/07/2021/14408, registered on 25 October 2021 with PVAI Valuation Professional Organisation, for the Securities or Financial Assets asset class. His registered address on the IBBI directory is in Ahmedabad, Gujarat; his practice serves clients across India, including Delhi.
This distinction matters for accuracy: his registration is for Securities or Financial Assets, not Land and Building. A Delhi company or investor requiring a share, business or financial-asset valuation is within the scope of his registration. A Delhi homeowner or business requiring a residential or commercial property valuation needs a professional separately registered for Land and Building — that is a different registration entirely, and one CA Murli Chandak does not hold.
5. Can a Delhi Company Engage CA Murli Chandak?
Location and IBBI registration are two different considerations. A Delhi company does not need to appoint a valuer whose registered address is in Delhi — what matters is whether the assignment falls within the valuer’s registered asset class, and whether the appointing authority accepts the valuer and the report for the intended purpose.
A Delhi company can reasonably consider an out-of-city Registered Valuer when:
- The assignment falls within the valuer’s registered asset class (Securities or Financial Assets, in this case)
- The purpose of the valuation is clearly established before the engagement begins
- The relevant appointing authority — the company itself, a lender, an investor, or the NCLT registry — will accept the professional and the report
- Required documents can be shared electronically, and any inspection, management discussion or verification step can be completed remotely or on a scheduled visit
- The final report satisfies the applicable legal, regulatory or institutional format
On this basis, CA Murli Chandak may be relevant to Delhi-based companies, investors and shareholders for eligible assignments such as company and business valuation, share valuation for an issue or transfer, valuation connected with a scheme of arrangement, merger or demerger, and ESOP fair value working. For NCR-specific scheme design and tax compliance detail beyond the RV report itself, see our companion guide: ESOP Consultant in Delhi. A Delhi client requiring property or machinery valuation should separately verify a professional registered for the relevant asset class.
6. When a Delhi Business Needs a Valuation
| Situation | Governing Law | Who Certifies |
|---|---|---|
| Preferential allotment of shares (funding round) | Section 62(1)(c) read with Rule 13, Companies Act | Registered Valuer (SFA) |
| Private placement of securities | Section 42 read with Rule 14, Companies (Prospectus and Allotment of Securities) Rules, 2014 | Registered Valuer (SFA) |
| Setting the ESOP exercise price | Section 62(1)(b) read with Rule 12, Companies Act | Independent fair value; an RV report is standard practice |
| Internal or related-party share transfer not at arm’s length | Section 56, Income-tax Act (mandatory if also structured as a Section 62(1)(c) allotment) | Registered Valuer (SFA) |
| Scheme of arrangement, merger or demerger — common among Delhi’s holding-company and group-restructuring transactions | Sections 230 and 232, Companies Act | Registered Valuer (SFA) |
| Purchase of minority shareholding (90%+ acquirer) | Section 236, Companies Act | Registered Valuer (SFA) |
| IBC fair value and liquidation value | Regulations 27 and 35, IBBI (CIRP) Regulations, 2016, as amended in 2026 | Two sets of Registered Valuers per asset class (one set suffices for an MSME corporate debtor, unless the CoC directs otherwise) |
| Issue of shares to a non-resident investor (FDI) — frequent among Delhi-headquartered subsidiaries of foreign groups | Rule 21, FEMA (Non-Debt Instruments) Rules, 2019 | Chartered Accountant, SEBI-registered Merchant Banker, or practising Cost Accountant (not a Registered Valuer) |
| ESOP perquisite fair market value on exercise | Rule 15(6), Income-tax Rules, 2026, read with Section 17(1)(d), Income-tax Act, 2025 | SEBI-registered Category-I Merchant Banker (not a Registered Valuer) |
| FMV of unquoted equity shares (below-value transfer) | Rule 57, Income-tax Rules, 2026 | NAV formula prescribed by Rule 57; feeds the Merchant Banker or accountant certification for the transaction |
One correction worth stating directly: a capital reduction under Section 66 does not require a Registered Valuer’s report. The Supreme Court held on 10 March 2026 that a Section 66 reduction can proceed by special resolution and Tribunal confirmation without a valuer’s report, since Parliament expressly mandated valuation in Sections 62, 230, 232 and 236, and conspicuously not in Section 66.
7. Who Certifies What: Registered Valuer, Merchant Banker or CA
A Registered Valuer’s report and a Merchant Banker’s certificate serve different statutory purposes and are not interchangeable, even when the underlying analysis overlaps. CA Murli Chandak issues the Registered Valuer certifications below directly, and coordinates a Merchant Banker or Chartered Accountant within the same engagement wherever a Delhi transaction needs one.
| Certificate Needed | Who Issues It | Governs |
|---|---|---|
| Companies Act share allotment or scheme | Registered Valuer (SFA) | Sections 62, 230, 232, 236 |
| IBC fair value / liquidation value | Registered Valuer(s), asset-class matched | CIRP Regulations 27 and 35 |
| Income-tax perquisite FMV on ESOP exercise | Category-I Merchant Banker | Rule 15(6), Income-tax Rules, 2026 |
| FEMA share pricing (FDI / ODI) | Chartered Accountant, SEBI Merchant Banker, or practising Cost Accountant | Rule 21, FEMA (NDI) Rules, 2019 |
| Option fair value for accounting purposes | Independent valuer using an option-pricing model | Ind AS 102 |
If your Delhi company needs a Companies Act valuation, an ESOP fair value working, or help confirming which office your filing now falls under after the February 2026 ROC split, a short call with CA Murli Chandak is the most efficient way to confirm scope before any engagement begins.
8. Verifying a Registered Valuer Before You Engage One
Given Delhi’s regulatory concentration, verification is worth doing properly rather than taking a self-description at face value:
- Pull up the IBBI register yourself, rather than taking a claim at face value. The IBBI registered valuer directory is public, searchable by name, and returns the registration number, asset class, registration date and current status for anyone genuinely on it. CA Murli Chandak’s listing — IBBI/RV/07/2021/14408, Securities or Financial Assets, registered 25 October 2021 — comes up there directly; given how often a Delhi-filed report gets a second look, this two-minute check is worth doing before work begins, not after.
- Match the asset class to your actual requirement. Property valuation needs Land and Building; machinery valuation needs Plant and Machinery; share, business or financial-instrument valuation needs Securities or Financial Assets.
- Confirm Registered Valuers Organisation (RVO) membership — every Registered Valuer must belong to exactly one RVO, which maintains its own disciplinary record.
- Check independence. Under the Model Code of Conduct at Annexure-I to the 2017 Rules, a valuer with a personal or associate connection to your company, or one offering a success-linked fee, is not permitted to take the assignment.
- Get the scope in writing before work begins — an engagement letter setting out the purpose, asset class, fee and standard to be followed.
For a fuller step-by-step walkthrough of this verification process alongside how an engagement itself is structured from first call to delivery, see our companion guide: Registered Valuer in Jaipur.
9. Documents to Keep Ready
CA Murli Chandak typically requests the following before starting a Delhi engagement:
- Audited financial statements for the last 3 to 5 years, and the latest provisional financials
- Management projections and business plan
- Current capitalisation table and share transfer records
- Memorandum and Articles of Association
- PAN and other applicable registration details
- Related-party transaction disclosures, litigation and contingent liability details
- Any prior valuation report on the same company
- Details of subsidiaries or investments, where relevant to a holding-company structure
10. Valuation Methods
No single method fits every business. A Registered Valuer selects an approach, or a combination, based on the asset, the purpose and the information available, and explains that choice in the report.
- Income Approach — values the business on its expected future economic benefit; Discounted Cash Flow (DCF) is the commonly used technique where reliable projections exist.
- Market Approach — benchmarks the company against comparable listed companies or comparable transactions, where genuine comparables are available.
- Asset Approach — values the underlying assets and liabilities; relevant for asset-heavy businesses, investment or holding companies, and companies without stable profits — a structure common among Delhi’s corporate-HQ and investment-holding entities.
11. What a Valuation Report Must Contain
Rule 8(3) of the 2017 Rules sets out twelve items every valuation report must state. Each one exists because a reviewer — an auditor, an Assessing Officer, a Resolution Professional, or a diligence team — will specifically test for it. CA Murli Chandak checks every report against this list before it goes out in draft.
| Rule 8(3) Clause | What It Requires |
|---|---|
| (a) | Background information of the asset being valued |
| (b) | Purpose of valuation and appointing authority |
| (c) | Identity of the valuer and any other experts involved |
| (d) | Disclosure of valuer interest or conflict, if any |
| (e) | Date of appointment, valuation date and date of report |
| (f) | Inspections and/or investigations undertaken |
| (g) | Nature and sources of information used or 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) | Conclusion |
| (l) | Caveats, limitations and disclaimers — not for the purpose of limiting the valuer’s own responsibility |
The Central Government has not yet notified valuation standards under Rule 18; until it does, the proviso to Rule 8(1) governs — internationally accepted valuation standards, or standards adopted by the valuer’s RVO. For any valuation under the Insolvency and Bankruptcy Code specifically, International Valuation Standards became mandatory under Circular IBBI/RV/93/2026 dated 1 April 2026, and Circular IBBI/RV/103/2026 dated 15 June 2026 layers on 23 further mandatory report items and a Valuation Report Identification Number (VRIN) on every page for IBC assignments. Records of every assignment must be kept for at least three years under Rule 7(f).
12. Common Mistakes to Avoid in Delhi
| Mistake | Consequence |
|---|---|
| Assuming the best Registered Valuer must have a Delhi office | Location is not the deciding factor; asset-class registration and experience are — and this can unnecessarily narrow the search |
| Addressing a Companies Act filing to the old combined ROC Delhi & Haryana office | Since 16 February 2026 the office is split into ROC (NCT of Delhi-I), ROC (NCT of Delhi-II) and a separate ROC (Haryana) in Chandigarh — filings can go to the wrong Registrar |
| Assuming every Chartered Accountant is an IBBI-registered valuer | The two credentials are not the same; a CA without IBBI registration cannot issue a Companies Act or IBC valuation report |
| Treating property valuation and financial-asset valuation as interchangeable | They fall under different IBBI asset classes; a Securities or Financial Assets registration does not cover Land and Building |
| Using a Registered Valuer’s report for the income-tax perquisite FMV on ESOP exercise | Rule 15(6) requires a Category-I Merchant Banker for this specific certification |
| Reusing an old valuation report for a new transaction | A valuation is tied to a specific date and set of circumstances; business performance and applicable law can both have moved on |
13. Why Choose CA Murli Chandak
Given how much regulatory scrutiny concentrates in this city — the register itself, two NCLT benches, and the appellate tribunal, all in the same postal codes — here is what is built to stand up to it:
- Registration checks out on the IBBI register itself. IBBI/RV/07/2021/14408, Securities or Financial Assets, since 25 October 2021 — verifiable directly, not just asserted.
- An audit background behind the valuation practice. Formerly Partner at a chartered accountancy firm, with statutory, concurrent and asset audit experience, due diligence and forensic assignments — the same kind of scrutiny a Delhi-filed report has to survive. That background sits behind 300+ completed valuations across 7+ countries, spanning 15+ purchase price allocations under Ind AS 103 (1 under ASC 805) and 30+ impairment tests under Ind AS 36 (1 under ASC 350), with reports that have held up before Big Four audit teams on review.
- An investor’s-eye view. Debt and equity valuation for 10+ Indian funds, relevant to Delhi’s concentration of PE and VC-backed companies and investment-holding structures.
- Coordinated, not fragmented. Where a Delhi transaction also needs a Merchant Banker or Chartered Accountant certificate, that is arranged within the same engagement rather than a separate referral.
14. Frequently Asked Questions
Q1. Is Murli Chandak registered in Delhi?
A: His registered address on the IBBI directory is in Ahmedabad, Gujarat, not Delhi. His IBBI registration is for the Securities or Financial Assets asset class, and his practice serves clients across India, including Delhi.
Q2. Can Delhi companies engage CA Murli Chandak?
A: Yes, for assignments falling within his registered asset class, subject to the requirements of the specific transaction and acceptance by the relevant appointing authority. His location does not by itself prevent a Delhi client from engaging him.
Q3. Can he value property in Delhi?
A: No. His registration is for Securities or Financial Assets, not Land and Building. A Delhi client needing residential or commercial property valuation should separately verify a professional registered for that asset class.
Q4. Why does it matter that the IBBI is headquartered in Delhi?
A: It does not change who may value a Delhi company’s shares — registration, not geography, decides that. It does mean Delhi filings are routinely reviewed by regulators, tribunals and audit teams that see a very high volume of valuation reports, which raises the practical bar on report quality.
Q5. Which ROC does a Delhi company file with now?
A: Since 16 February 2026, the erstwhile combined ROC Delhi & Haryana office was split into ROC (NCT of Delhi-I) — South Delhi, Southwest Delhi, New Delhi, Southeast Delhi and East Delhi — and ROC (NCT of Delhi-II) — Central Delhi, West Delhi, North Delhi, Northwest Delhi, Northeast Delhi and Shahdara. Haryana now has its own separate ROC, relocated to Chandigarh.
Q6. Which NCLT bench hears a Delhi company’s matter?
A: Delhi has both the NCLT Principal Bench and a separate New Delhi regional Bench, both seated in the city. Appeals go to the NCLAT, which is also seated in New Delhi.
Q7. How do I verify that a Registered Valuer is genuinely IBBI-registered?
A: Search the IBBI registered valuer directory by name. It shows the registration number, asset class, date of registration and current status.
Q8. Is a Registered Valuer’s report enough for an ESOP grant?
A: Setting the exercise price is usually supported by an independent fair value, commonly a Registered Valuer’s report. But the fair market value used to compute the income-tax perquisite on exercise, under Rule 15(6) of the Income-tax Rules, 2026, must come from a Category-I Merchant Banker — a Registered Valuer’s report does not satisfy that specific requirement.
Q9. Does a Section 66 capital reduction require a Registered Valuer’s report?
A: No. The Supreme Court held on 10 March 2026 that a Section 66 reduction can proceed by special resolution and Tribunal confirmation without a valuer’s report, since valuation is expressly mandated elsewhere in the Act (Sections 62, 230, 232 and 236) and conspicuously not in Section 66.
Q10. How long does a share valuation take?
A: CA Murli Chandak typically delivers within 5 to 10 working days of receiving complete data — audited financials, projections, the cap table and the Memorandum and Articles of Association.
Q11. Can a Delhi company appoint a valuer from another city?
A: Yes, provided the assignment falls within the valuer’s registered asset class, the valuer is suitable for the assignment, and the relevant authority accepts the engagement. Document sharing, management discussions and verification steps can typically be handled remotely.
Q12. What is the difference between an IBBI-registered valuer and a Merchant Banker?
A: They are not interchangeable. A Registered Valuer’s report satisfies Companies Act and IBC requirements. A SEBI-registered Category-I Merchant Banker’s certificate is separately required for the ESOP perquisite FMV on exercise and certain FEMA pricing situations. The two can be coordinated within a single engagement but remain separate documents.
Speak to CA Murli Chandak
Whether you need a Companies Act share valuation, an ESOP fair value working, or help confirming which certificate your Delhi transaction requires, a preliminary discussion covering the purpose, the applicable law, the timeline and the data available is available at no charge and typically takes 30 minutes.
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
More on CA Murli Chandak’s background is available on the About page.
Statutory positions referred to above were verified against primary sources, including the live IBBI register, on 11 August 2026. This article is general information, not advice on any specific transaction; specialist legal or tax advice should be taken before acting on any of it.
