Which asset class covers startup and share valuations?

Securities or Financial Assets (SFA). This class covers equity shares, preference shares (including CCPS), debentures and convertibles (including CCDs), and other financial assets - which is exactly what startup fundraising, ESOP-linked issues and investment transactions involve. Startup Advisory's valuation practice is led by CA Neeraj Rohilla, an IBBI Registered Valuer in the Securities or Financial Assets class.

Do I need a Registered Valuer report to issue shares to investors?

For a preferential allotment or private placement under the Companies Act, yes - the issue price must be justified by a valuation report of a Registered Valuer. This applies to equity, CCPS and CCD issues that most startup funding rounds use. The valuation also feeds the PAS-3 filing and the board and shareholder resolutions.

Which valuation methods do you use?

The method follows the purpose and the stage of the business: Discounted Cash Flow (DCF) for going concerns with credible projections, Comparable Companies / Comparable Transactions multiples where market evidence exists, and Net Asset Value where asset backing drives value - applied under the framework of the applicable valuation standards, with the choice of method and key assumptions documented in the report so it stands up to regulator, investor and NCLT scrutiny.

How long does a valuation take and what documents are needed?

A typical securities valuation takes 5-10 working days after we receive the information pack: incorporation documents, audited financials for the last three years, current cap table and share issuance history, business plan or projections (for DCF), details of recent transactions in the company's shares, and the draft term sheet where a round is underway. Complex structures or group valuations take longer - we confirm the timeline upfront.

Can the same report be used for income tax purposes?

Sometimes, but not automatically. Income tax valuation rules prescribe their own methods and, for certain purposes, their own class of valuer - some DCF valuations under the income tax rules must come from a merchant banker. We map the purposes at the start of the engagement so you commission the right report(s) once, instead of discovering a gap at filing time. With the abolition of angel tax from FY 2025-26, the income-tax valuation burden on genuine startup rounds is much lighter than it used to be.

Why choose Startup Advisory for valuation in Delhi NCR?

Because the valuation sits inside a full fundraising practice: the same CA-led team that values your shares also runs the due diligence preparation, the secretarial paperwork for the allotment, the FC-GPR filing where the investor is foreign, and the ongoing Virtual CFO support after the round. And the practice is led by an IBBI Registered Valuer (Securities or Financial Assets) based in Saket, New Delhi - not outsourced. Call 9311972982.

IBBI Registered Valuer in Delhi | Securities & Financial Assets Valuation

Q: Is a Registered Valuer report also needed for FEMA when a foreign investor invests?

When shares are issued to or transferred involving a person resident outside India, FEMA pricing guidelines require the price to be supported by a valuation as per internationally accepted pricing methodology, certified by a prescribed professional. We prepare FEMA-compliant valuations aligned with the Companies Act valuation so a single defensible number supports both the FC-GPR filing and the corporate approvals.

In a Nutshell: Registered Valuer Valuations for Fundraising

Wherever the Companies Act, 2013 or the IBC demands a valuation of shares or securities — a funding round by preferential allotment, CCPS/CCD issues, sweat equity, mergers, minority buy-outs, CIRP — the report must be signed by an IBBI Registered Valuer in the Securities or Financial Assets class. Startup Advisory’s valuation practice is led by CA Neeraj Rohilla, IBBI Registered Valuer (Securities or Financial Assets) — delivering defensible, standards-based reports from Saket, New Delhi, integrated with the rest of your fundraise.

Credential: IBBI Registered Valuer — Securities or Financial Assets (registration is individual, verifiable on the IBBI portal).
Covers: equity shares, CCPS, CCDs, debentures and other financial assets — the instruments actual funding rounds use.
When mandatory: preferential allotment / private placement, sweat equity, non-cash director transactions, schemes & mergers, minority buy-outs, IBC valuations.
FEMA: pricing-guideline valuations for foreign investment, aligned with the Companies Act report.
Timeline: typically 5–10 working days from a complete information pack.
Provider: Startup Advisory, CA firm in Saket, New Delhi 110030. Call 9311972982.

Reviewed by CA Neeraj Rohilla, FCA — Chartered Accountant, Startup Advisory, Saket, New Delhi. Last reviewed: June 2026.

Why the Signature on the Valuation Report Matters

Most founders discover the Registered Valuer requirement mid-round, when the company secretary or the investor’s counsel asks for it. Under Section 247 of the Companies Act, 2013, statutory valuations of shares and securities can only be performed by a valuer registered with the IBBI in the relevant asset class — and a report signed by anyone else is not merely weak, it is invalid for the filing it supports, exposing the company’s officers who relied on it. Because IBBI registration is granted to individuals, what matters is who signs: at Startup Advisory, that is CA Neeraj Rohilla, IBBI Registered Valuer in the Securities or Financial Assets class, working from our Saket office.

When the law requires a Registered Valuer (SFA) report

Funding rounds: preferential allotment / private placement of equity, CCPS or CCDs — the issue price must be justified by a Registered Valuer’s report feeding the resolutions and PAS-3.
Sweat equity & consideration other than cash issued to founders, employees or advisors.
Non-cash transactions involving directors under the Companies Act.
Mergers, demergers & schemes of arrangement — share-exchange ratios and scheme valuations.
Minority buy-outs and purchase of minority shareholding.
IBC matters: fair value and liquidation value of securities and financial assets in CIRP and liquidation.
FEMA pricing: issue or transfer of shares involving foreign investors, with the valuation aligned so one number supports both the FC-GPR and the corporate approvals.

What you receive

A standards-based, methodology-documented valuation report — DCF, comparable companies / transactions, or NAV as the purpose and stage demand — with assumptions, sensitivity and the basis of value stated, built to survive scrutiny from investors’ counsel, the RoC, AD banks and, where relevant, the NCLT. Because the report sits inside a full fundraising practice, the allotment paperwork, due diligence preparation and post-round Virtual CFO support run on the same desk. From April 2026, the new Income-tax Act, 2025 also recognises Registered Valuers for departmental valuation assistance — a mark of how central the credential has become.

How the engagement runs

Step 1 — Purpose mapping: we identify every purpose the valuation must serve (allotment, FEMA, ESOP, merger, IBC) before work starts, so you commission the right report(s) once instead of discovering a gap at filing.
Step 2 — Information pack: you receive a checklist on day one; the 5–10 working-day clock starts when it is complete, not when it is promised.
Step 3 — Method & analysis: method chosen for the purpose and stage (DCF, comparables, NAV), assumptions benchmarked, sensitivity run.
Step 4 — Draft walkthrough: you see the draft and the drivers behind the number before signature — a valuation you cannot explain to your investor is a valuation half-done.
Step 5 — Signed report: issued by the Registered Valuer with methodology, assumptions and basis of value documented — ready for the CS, the AD bank and the investor’s counsel.

Documents you will need

Incorporation documents (COI, MoA/AoA), audited financials for the last three years (or since incorporation), current cap table with the full share issuance history, business plan or projections where DCF applies, details of any recent transactions in the company’s shares, and the draft term sheet where a round is underway. For FEMA-linked valuations, the investor’s residency details and the proposed instrument. Missing history is the most common delay — if your share capital trail has gaps, we flag it immediately because the same gap will surface again in due diligence.

Mistakes we see founders make

Getting the report after the price is fixed: signing a term sheet first and then hunting for a valuation to justify it inverts the sequence — the report must support the price, and a rushed back-fitted report reads exactly like one.
Using a report signed by the wrong professional: a report from a CA who is not an IBBI Registered Valuer is invalid for Companies Act purposes — discovered, usually, by the investor’s counsel at the worst moment.
Mismatched numbers across filings: one value in the board resolution, another in the FC-GPR — we align the Companies Act and FEMA valuations so a single defensible number runs through every document.
Leaving it to the deadline: the valuation feeds the resolutions and PAS-3 timeline; starting it last compresses everything downstream. Start it when the term sheet is in negotiation, not after signing.

Frequently Asked Questions

A Registered Valuer is an individual registered with the Insolvency and Bankruptcy Board of India under Section 247 of the Companies Act, 2013 read with the Companies (Registered Valuers and Valuation) Rules, 2017. Wherever the Companies Act or the IBC requires a valuation of shares, securities or other assets — preferential allotments, sweat equity, mergers and schemes, non-cash transactions with directors, minority buy-outs, and CIRP or liquidation valuations — the report must be signed by a Registered Valuer in the relevant asset class.

Securities or Financial Assets (SFA) — covering equity shares, preference shares (including CCPS), debentures and convertibles (including CCDs), and other financial assets. Our practice is led by CA Neeraj Rohilla, an IBBI Registered Valuer in this class.

For a preferential allotment or private placement under the Companies Act, yes — the issue price must be justified by a Registered Valuer’s report. This applies to the equity, CCPS and CCD issues most funding rounds use, and the valuation feeds the PAS-3 filing and the resolutions.

Yes — FEMA pricing guidelines require the price to be supported by a valuation as per internationally accepted pricing methodology, certified by a prescribed professional. We align the FEMA valuation with the Companies Act report so a single defensible number supports the FC-GPR filing and the corporate approvals.

DCF for going concerns with credible projections, comparable companies / transactions multiples where market evidence exists, and NAV where asset backing drives value — with the method choice and key assumptions documented so the report stands up to regulator, investor and NCLT scrutiny.

Typically 5–10 working days after the information pack is complete: incorporation documents, three years’ audited financials, cap table and issuance history, projections (for DCF), recent share transactions, and the draft term sheet where a round is underway. Complex or group structures take longer — we confirm the timeline upfront.

Sometimes, but not automatically — income tax rules prescribe their own methods and, for certain purposes, a merchant banker’s report. We map the purposes at the start so you commission the right report(s) once. With angel tax abolished from FY 2025-26, the income-tax valuation burden on genuine startup rounds is much lighter.

The valuation sits inside a full fundraising practice: the same CA-led team runs due diligence preparation, the allotment secretarial work, FC-GPR filings and post-round Virtual CFO support — led by an IBBI Registered Valuer (Securities or Financial Assets) based in Saket, not outsourced. Call 9311972982.

Our Testimonials

Vishal Singh

Best CA service. He provided the best solution at the last moment. Thanks for your service.

Ajay Philip

It was wonderful to work with KNAP. Good knowledge on taxation with prompt response.

Pranshu Gaur

Had a great experience working with Neeraj for my income tax filing. Would definitely recommend him to friends and family.

Ravish Mehta

KNAP was professional in all their dealings with us. Their processes were extremely clear and easy to understand. The project team associated with us kept us in loop on daily basis. Overall it was a good experience with them.

Mohit Aggarwal

I recently used KNAP ADVISORY for assistance with company registration and compliance, and I must say, I am thoroughly impressed with their service. From start to finish, they demonstrated a high level of professionalism and expertise that exceeded my expectations.

Sanjeev Sharma

Your professional team has shown outstanding dedication and merit recognition.

Realtoadvisors

Excellent very prompt service. Well experienced team members. Trusted company, we would like to recommend KNAP ADVISORY if you have any type of corporate registration, they serve client's from Pan India every states & best part the service charge is very reasonable.

Sakshi Gupta

I am extremely delighted by the quick service of KNAP advisory team . They assisted me in the registration of my company within a short span of time. Not only this, they took care of every little thing which is required after the registration as well. Their professionalism, quick service and punctuality has amazed me. My experience with KNAP has been captivating and mesmerising. I would like to express my gratitude to Mr. Vipin and Mr. Neeraj who have taken care of every thing in this process.

Rudranath Trip

Knap Advisory's personalized approach sets them apart in the realm of CA consulting. Their team not only possesses a strong grasp of accounting principles but also goes the extra mile to understand the intricacies of your business. I appreciated their attention to detail, which translated into accurate financial analysis and strategic advice. The efficiency and transparency displayed throughout our interactions solidify Knap Advisory as a trustworthy partner for navigating complex financial landscapes.

Yash Rohilla

Knap Advisory is a standout CA consulting firm that impressed me with their expertise and commitment. Their team demonstrated in-depth knowledge of tax regulations and provided tailored solutions for my business. Timely responses and clear communication made the collaboration seamless. I highly recommend Knap Advisory for their professionalism and reliable financial guidance.

Sandro Cottus

Knap Advisory provides best service in their domain.

Azan Hosein Photography

Awsum and fast service and the company and the employes are very Co-operative excellent service regarding company registration and enrolment.

Neetu Yadav

What sets Knap Advisory apart is their dedication to delivering exceptional client service. The team was highly professional, responsive, and always available to address my questions and concerns. They fostered a collaborative and communicative environment, making me feel valued as a client and ensuring that my specific needs were met.