It depends entirely on which law the valuation must satisfy — this is the single most common point of confusion we see.
- Companies Act (share issues, sweat equity, mergers, minority buyouts): an IBBI Registered Valuer.
- Income Tax (ESOP perquisite FMV for unlisted companies): a SEBI-registered Category-I Merchant Banker.
- FEMA (pricing for issues/transfers between residents and non-residents): a CA, merchant banker or cost accountant applying an internationally accepted methodology.
A report signed by the wrong professional can invalidate the transaction it supports. One event — like a foreign fundraise — can need two coordinated reports. Read our full guide: When does the law require a Registered Valuer?