Parth Shah
on
Parth Shah
Register Valuer | CA | CPA | 15+ Years of Experiance
Parth Shah is the Founder and Team Leader of the company, bringing extensive expertise in business valuation and financial advisory.
Introduction
Choosing an IBBI registered valuer is not optional in India. Under Section 247 of the Companies Act 2013, valuations for share issuance, mergers, preferential allotments, and other statutory purposes must be carried out exclusively by valuers registered with the Insolvency and Bankruptcy Board of India (IBBI). A report signed by an unregistered professional, regardless of their qualifications, has no legal standing.
The challenge most founders, CFOs, and finance teams face is not finding a valuer; it is finding the right one. IBBI registration is a baseline, not a differentiator. What separates the best IBBI registered valuers from the rest is domain specialization, the asset class they are registered for, regulatory breadth across Companies Act, FEMA, SEBI, and Income Tax frameworks, and their ability to produce reports that survive investor scrutiny and audit review.
This guide covers the top 10 IBBI registered valuers and valuation practices in India for 2026, explains what to look for when selecting one, and helps you verify credentials before you sign an engagement letter.
Key Takeaways
- IBBI registered valuers are the only professionals legally authorized to conduct statutory valuations under Section 247 of the Companies Act 2013, with effect from January 31, 2019.
- There are three IBBI asset classes: Securities and Financial Assets (SFA), Land and Building (L&B), and Plant and Machinery (P&M). Each requires separate registration and examination.
- A valuer registered under SFA is the correct choice for startup fundraising, ESOP valuation, CCPS/CCD valuation, FEMA compliance, and IBC proceedings involving financial assets.
- As of April 1, 2026, Section 247 of the Income Tax Act 2025 also empowers IBBI registered valuers to assist the Income Tax Department during search and seizure operations, significantly expanding their statutory scope.
- IBBI registration is granted to individuals, not firms. Always verify the individual valuer’s registration number on the official IBBI portal at ibbi.gov.in before engaging any firm.
- The best IBBI registered valuers combine regulatory authority with domain expertise: a CA or CPA credential alongside IBBI registration provides the fullest coverage for complex startup, M&A, and cross-border transactions.
- My Valuation, led by CA Parth Shah (FCA, CPA USA, IBBI Registered Valuer, SFA), is one of India’s leading boutique valuation practices for startup fundraising, ESOP, FEMA, and complex securities valuation.
Need a Certified IBBI Registered Valuation for Your Startup, ESOP, or M&A Transaction?
My Valuation delivers audit-ready valuation reports in 5 to 7 business days, with a 95% acceptance rate by leading venture capital and private equity firms. Schedule a free initial consultation with our team today.
Schedule a Free ConsultationWhat is an IBBI Registered Valuer?
An IBBI registered valuer is a certified professional authorized by the Insolvency and Bankruptcy Board of India (IBBI) to conduct valuations for specific asset classes under the Companies (Registered Valuers and Valuation) Rules, 2017.
The IBBI was established under the Insolvency and Bankruptcy Code (IBC) 2016. It regulates the valuation profession in India, setting examination standards, conduct norms, continuing education requirements, and disciplinary authority over registered valuers. Before 2019, any CA or professional could sign a valuation report. That changed with effect from January 31, 2019: all valuations required under the Companies Act 2013 must now be conducted exclusively by IBBI registered valuers.
To become registered, a professional must:
- Hold a graduate degree in the relevant discipline (CA, CMA, CS, engineering, or finance)
- Have at least three years of post-qualification experience in the relevant field
- Complete a valuation education course from an IBBI-recognized Registered Valuers Organization (RVO), such as ICAI RVO or ICSI RVO
- Pass the IBBI valuation examination (multiple-choice, online, minimum 50% passing score)
- Apply to IBBI with supporting documents and pay the registration fee
Once registered, valuers must complete ongoing Continuing Professional Education (CPE) credits and renew their registration periodically.
What Are the Three Asset Classes for IBBI Registration?
IBBI registration is asset-class specific. A valuer registered for one class cannot sign reports for another. The three classes are:
1. Securities and Financial Assets (SFA)
Covers shares, debentures, CCPS, CCDs, warrants, convertible notes, listed and unlisted equity, bonds, and other financial instruments. This is the most in-demand class for startups, investment funds, and M&A transactions.
2. Land and Building (L&B)
Covers residential, commercial, and industrial real estate; agricultural land; leasehold properties; and property-linked rights. Required for real estate transactions, SARFAESI enforcement, and bank loan collateral valuations.
3. Plant and Machinery (P&M)
Covers manufacturing equipment, industrial machinery, vehicles, and technical assets. Required for manufacturing M&A, IBC liquidation, and insurance valuations.
For the majority of founders, CFOs, and finance professionals reading this guide, the SFA class is the relevant one. ESOP valuations, startup fundraising reports, CCPS or CCD valuations, FEMA compliance certificates, and IBC financial asset valuations all require an SFA-registered valuer.
Why Does IBBI Registration Matter? The Regulatory Case
The regulatory requirement is not a technicality; it is enforceable law with personal liability attached.
Under Section 247 of the Companies Act 2013, a registered valuer who signs a valuation report is personally liable for the accuracy and integrity of that report. Professional misconduct or negligent misstatement can result in registration cancellation, financial penalties, and legal action. This personal accountability is precisely why IBBI registered valuers produce more defensible, credible reports than non-registered consultants.
The key scenarios where IBBI registered valuers are legally mandated under the Companies Act include:
- Section 62(1)(c): Preferential allotment of shares
- Section 42: Private placement of securities
- Section 192: Non-cash transactions with directors
- Sections 230 to 232: Mergers, demergers, and amalgamations
- Sweat equity share issuance
- Valuation under IBC 2016 for insolvency proceedings
Beyond the Companies Act, IBBI registered valuers are now also engaged for FEMA compliance valuations, SEBI ICDR and AIF valuations, Income Tax Rule 11UA valuations, and, effective April 1, 2026, under the new Income Tax Act 2025, for assisting the Income Tax Department during search and seizure operations under Section 247 of that Act.
A valuation report signed by someone without IBBI registration is not just inadmissible under the Companies Act; it creates serious legal exposure for the company officers who relied on it.
Top 10 IBBI Registered Valuers and Valuation Practices in India (2026)
A note on framing: IBBI registration is granted to individuals, not to firms or companies. The firms listed below are valuation practices led by or staffed with IBBI registered valuers. Always confirm the individual valuer’s registration number before engaging any firm.
1. My Valuation (Ahmedabad | Pan-India)
Lead Valuer: CA Parth Shah, FCA, CPA (USA), IBBI Registered Valuer (Securities and Financial Assets)
My Valuation is one of India’s most trusted boutique valuation practices for startups, SMEs, and financial institutions. Founded by CA Parth Shah, the firm is built on a rare combination of credentials: IBBI Registered Valuer status for Securities and Financial Assets, Fellow Chartered Accountant (FCA) with deep expertise in Ind AS, and a Certified Public Accountant (CPA, USA) licence, making My Valuation equally capable of serving cross-border transactions involving Indian and US regulatory frameworks.
Specializations:
- Startup fundraising valuation (Seed to Series E)
- ESOP valuation under Ind AS 102 and Income Tax Rules
- CCPS, CCD, warrant, and complex securities valuation using OPM, PWERM, and Backsolve methods
- 409A valuation for Indian startups with US parent entities or US employees
- FEMA valuation compliance for FDI and cross-border share transactions
- AIF portfolio valuation under SEBI (AIF) Regulations
- Valuation under IBC 2016
Why clients choose My Valuation:
My Valuation has facilitated over Rs. 1,500 crores in client capital rises across Seed to Series C rounds, with a 95% acceptance rate by VCs and PE firms without major adjustments. Turnaround time averages 5 to 7 business days, significantly faster than larger firms. The firm’s expertise spans all major Indian regulatory frameworks and the US IRS framework, making it the preferred choice for founders navigating multi-jurisdiction compliance.
2. Incwert Advisory Pvt. Ltd (Delhi | Pan-India)
Incwert Advisory is a well-established independent valuation services firm operating as a Registered Valuer Entity with IBBI. The firm is known for its proprietary valuation intelligence research, including annual publications on India’s Equity Risk Premium, Size Premium, and Purchase Price Allocation studies. Incwert’s reports are accepted by ROC, SEBI, RBI, and tax offices across India, and the firm’s ERP research is referenced by ICAI’s RVO and in airport tariff proceedings.
Specializations: Financial reporting valuations (Ind AS 103, 109, 113), Purchase Price Allocation, complex instruments, equity risk premium studies.
Best for: Listed companies, large M&A transactions, financial reporting valuations requiring proprietary benchmark data.
3. RBSA Advisors LLP (Ahmedabad | Mumbai | Pan-India)
RBSA Advisors is a national valuation and advisory firm with a strong presence in Ahmedabad and Mumbai. The firm has IBBI registered valuers across multiple asset classes and is known for mid-market M&A advisory, business valuations, and corporate restructuring support. RBSA serves manufacturing companies, family businesses, and PE-backed entities across Gujarat and Maharashtra.
Specializations: M&A valuations, fairness opinions, corporate restructuring, business valuations for SMEs and mid-market companies.
Best for: Business owners seeking M&A or exit valuations; companies in manufacturing, real estate, or industrial sectors.
4. Rajvanshi and Associates (Jaipur | 10+ Cities Pan-India)
Rajvanshi and Associates is a multi-city valuation firm with IBBI registered valuers across all three asset classes: Securities and Financial Assets, Land and Building, and Plant and Machinery. The firm provides comprehensive valuations for IBC proceedings, FEMA, SARFAESI, and Income Tax purposes, and uses proprietary software for consistent report quality.
Registration Reference: IBBI/RV/06/2019/11910 (SFA); IBBI/RV/11/2021/14043 (L&B); IBBI/RV/10/2022/14875 (P&M)
Best for: IBC insolvency proceedings, SARFAESI bank enforcement valuations, comprehensive multi-asset valuations.
5. Kroll (formerly Duff and Phelps) India (Mumbai | Bangalore)
Kroll is the global leader in independent valuation and corporate finance advisory. Its India practice, based in Mumbai and Bangalore, is one of the largest dedicated valuation teams in the country. Kroll India handles complex financial reporting valuations, M&A fairness opinions, transfer pricing valuations, and dispute advisory for large listed companies and multinational corporations.
Best for: Large-cap M&A, multinational transfer pricing, listed company fairness opinions, complex financial instrument valuation.
Kroll is best suited to large-ticket assignments (Rs. 500 crore and above enterprise value). Turnaround times are longer and fees higher than boutique firms. For startup and SME mandates, a specialized boutique like My Valuation typically delivers faster and with more founder-centric attention.
6. Grant Thornton Bharat LLP (Pan-India)
Grant Thornton Bharat is one of India’s leading professional services firms with a dedicated valuations and financial advisory practice. The firm’s IBBI registered valuers serve mid-market companies, PE portfolio companies, and listed entities across sectors. Grant Thornton Bharat is particularly strong in deal advisory valuations for M&A transactions in the Rs. 50 crore to Rs. 500 crore range.
Best for: Mid-market M&A, PE-backed company valuations, IBC assignments, audit-linked financial reporting valuations.
7. BDO India LLP (Pan-India)
BDO India has a national valuation practice with IBBI registered professionals across major cities. The firm specializes in business valuations for SMEs, family businesses, and privately held companies, and also handles ESOP valuations, intangible asset valuations, and IBC mandates. BDO India is part of BDO International, the world’s fifth-largest accounting and advisory network.
Best for: SME and family business valuations, international valuation standards compliance, cross-border M&A.
8. V Viswanathan Associates (Chennai | Pan-India)
V Viswanathan Associates is a Chennai-based CA firm with an IBBI Registered Valuer for Securities and Financial Assets (Registration: IBBI/RV/03/2019/12333). The firm uses 18 or more valuation methodologies including DCF, Monte Carlo simulation, the Berkus Method, and the Scorecard Method for startup and business valuations across India.
Best for: Startup valuations across South India; companies requiring Monte Carlo simulation-based scenario modelling for complex capital structures.
9. SPA Capital Advisors (Delhi | Mumbai)
SPA Capital is a SEBI-registered Category I Merchant Banker and investment banking firm with a dedicated valuation advisory practice. The firm’s IBBI registered valuers handle M&A fairness opinions, preferential allotment valuations, open offer pricing under SEBI Takeover Regulations, and AIF portfolio valuations.
Best for: Listed company M&A, SEBI ICDR compliance valuations, open offer pricing, Merchant Banker-certified valuations.
10. FinTax Corporate Professionals LLP (Ahmedabad | Gujarat)
FinTax Corporate Professionals is an Ahmedabad-based firm with IBBI registered valuers for Land and Building assets. The firm primarily serves Gujarat-region clients requiring property valuations for regulatory and legal purposes, including valuations under FEMA (for land-linked FDI), SARFAESI, and Income Tax purposes.
Best for: Gujarat-based property and land valuations; FEMA compliance for real estate FDI; SARFAESI enforcement support.
How to Choose the Right IBBI Registered Valuer: A Practical Checklist
The right valuer depends on your asset class, regulatory context, and transaction complexity. Use this framework before engaging with anyone.
Step 1: Match the Asset Class
Confirm the valuer is registered for your asset type. SFA for securities and startups; L&B for property; P&M for machinery. Do not accept a valuer from the wrong class, regardless of their general qualifications.
Step 2: Verify the Regulatory Framework
Different transactions require different regulatory expertise. A startup fundraising round needs FEMA and Companies Act coverage. An ESOP programme needs Ind AS 102 and Income Tax Act expertise. An IBC assignment needs liquidation and going-concern valuation experience. Match the valuer’s track record to your specific regulatory need.
Step 3: Check Turnaround Time Against Your Deadline
Large firms can take four to six weeks. Boutique valuation firms typically deliver in five to fourteen business days. If you have an investor deadline or board resolution date, confirm the turnaround at the start.
Step 4: Ask About Report Defensibility
Ask for a sample report or references. A quality report documents every assumption, cites relevant regulations, and includes sensitivity analysis. A weak report that fails due diligence review costs far more in lost deal time than the fee you saved.
Step 5: Confirm the Credentials Triple
The strongest credential combination for startup and complex securities valuation in India is: IBBI Registered Valuer (SFA) plus Chartered Accountant (CA or FCA) plus, for cross-border mandates, CPA (USA). This combination ensures compliance across Indian statutory requirements and international investor expectations.
IBBI Registered Valuer Selection: Comparison by Use Case
Below is a practical comparison to help you identify the right type of valuer for common valuation scenarios.
Valuation Purpose | Asset Class Required | Ideal Valuer Profile | Regulatory Framework | My Valuation Tip |
Startup fundraising (Seed to Series B) | SFA | Boutique, startup-focused, CA or CPA credentials | Companies Act 2013, FEMA, Rule 11UA | Prioritise track record with VC-accepted reports |
ESOP grant date valuation | SFA | IBBI SFA registered, Ind AS 102 expertise | Income Tax Rules, Ind AS 102, SEBI (if listed) | Ensure valuer can handle both accounting and tax valuation |
CCPS / CCD valuation | SFA | OPM/PWERM methodology expertise | Ind AS 109, 113, Companies Act 2013 | Verify experience with liquidation preference waterfall models |
M&A fairness opinion | SFA or L&B | National/global firm or experienced boutique | Companies Act 2013, SEBI ICDR if listed | Match firm size to deal size |
IBC insolvency valuation | SFA or P&M or L&B | Multi-asset class capability preferred | IBC 2016, IBBI rules | Verify RVO membership and CPE compliance |
409A valuation | SFA | CPA (USA) or US-familiar credential is critical | US IRC Section 409A | Very few India firms hold both IBBI SFA and CPA (USA) |
Land or property FDI | L&B | IBBI L&B registered | FEMA NDI Rules 2019 | Must be L&B class, not SFA |
No single valuer or firm is right for every mandate. Match credentials, asset class registration, and regulatory expertise to your specific requirement.
Working on a Complex ESOP Scheme, CCPS Valuation, or Cross Border FDI Transaction?
My Valuation’s IBBI registered team specializes in complex valuation assignments, including ESOPs, CCPS, and cross border FDI transactions. Request a quote or speak with one of our valuation experts today.
Request a QuoteHow to Verify an IBBI Registered Valuer’s Credentials
Verification takes under two minutes on the official IBBI portal. Follow these steps:
- Go to ibbi.gov.in and navigate to the “Registered Valuers” section.
- Search by name, registration number, or asset class.
- Confirm the valuer’s registration status shows as “Active.”
- Confirm the asset class matches your requirements (SFA, L&B, or P&M).
- Note the registration number for your records; this should appear on the valuation report itself.
Any valuer who cannot provide their IBBI registration number, or whose status on the portal is “Cancelled,” “Surrendered,” or “Suspended,” should not be engaged for statutory valuation work.
Key Regulatory Update for 2026: The Income Tax Act 2025 and Section 247
A significant expansion of IBBI valuer scope came into effect on April 1, 2026. Section 247 of the newly enacted Income Tax Act 2025 now authorizes IBBI registered valuers, alongside Income Tax Department valuation officers, to provide valuation services during search and seizure operations. This applies specifically to valuers registered for Land and Building, though the framework has broader implications for the profession.
This is a material change for two reasons. First, it creates new revenue streams and government engagement opportunities for IBBI registered L&B valuers. Second, it signals the Indian government’s ongoing confidence in the IBBI registered valuer framework as the standard for professional, credible valuations across multiple statutory contexts.
For founders and corporates, this development reinforces one clear message: the regulatory weight behind IBBI registration is increasing, not decreasing. Engaging a non-registered valuer for any statutory purpose carries growing legal risk.
Red Flags to Watch for When Hiring a Valuer
Not every firm that claims IBBI registration can actually perform your valuation correctly. Watch for these warning signs:
- No registration number provided upfront. A genuine registered valuer knows their number and should volunteer it.
- Wrong asset class for your requirements. An L&B-registered valuer cannot sign an SFA report.
- Generic report templates. A quality valuation report is document-specific, not a fill-in-the-blank certificate.
- No mention of Ind AS, SEBI, or FEMA. These frameworks govern most statutory valuations. A valuer unfamiliar with them cannot produce a defensible report.
- Extremely low fees with unusually fast turnaround. Reliable reports take time to research, model, and draft. A Rs. 2,000 valuation certificate that takes 24 hours is not what a SEBI-regulated investor will accept.
- No draft review stage. Reputable valuation firms share a draft with you before finalizing. This protects both parties.
Conclusion
Selecting an IBBI registered valuer is one of the most consequential compliance decisions a startup, SME, or corporate finance team will make. The right choice protects your transaction, satisfies your auditors, and holds up under investor and regulatory scrutiny. The wrong choice creates legal exposure that can outlast the original transaction by years.
My Valuation is one of India’s most trusted IBBI registered valuation practices, combining the statutory authority of an IBBI Registered Valuer (SFA), the technical depth of a Fellow Chartered Accountant, and the cross-border competence of a CPA (USA). Whether your requirement is a startup fundraising valuation, ESOP grant date report, CCPS or CCD valuation, FEMA compliance certificate, or 409A report, My Valuation delivers audit-ready conclusions in 5 to 7 business days.
Connect with My Valuation’s team today to discuss your valuation requirements and receive a free initial consultation.
Frequently Asked Questions (FAQs)
1.What is an IBBI registered valuer and why is one required?
An IBBI registered valuer is a professional certified by the Insolvency and Bankruptcy Board of India (IBBI) to conduct valuations for specific asset classes under the Companies (Registered Valuers and Valuation) Rules, 2017. IBBI registration is legally mandatory for all valuations carried out under the Companies Act 2013, including share issuance, preferential allotments, mergers, and IBC insolvency proceedings. Reports signed by non-registered professionals have no legal standing under these frameworks.
2. What are the three asset classes under IBBI registration?
The three IBBI registration classes are Securities and Financial Assets (SFA), Land and Building (L&B), and Plant and Machinery (P&M). Each requires separate examination, training, and registration. A valuer registered under SFA, for example, cannot sign a property valuation report; only an L&B registered valuer can do so.
3. Can a regular CA without IBBI registration conduct a statutory valuation?
No. Since January 31, 2019, a Chartered Accountant without IBBI registration cannot legally sign valuation reports required under the Companies Act 2013. This applies to share valuations, ESOP valuations, merger swap ratios, and other statutory purposes. The CA qualification is a prerequisite to becoming an IBBI registered valuer, but it does not, by itself, confer registration.
4. How do I verify if a valuer is genuinely IBBI registered?
Visit the official IBBI website at ibbi.gov.in and search the “Registered Valuers” section by name or registration number. The portal shows each valuer’s status (Active, Cancelled, Surrendered) and their specific asset class. Always verify this before signing an engagement letter and confirm that the same registration number appears in the final valuation report.
5.How much does an IBBI registered valuer charge in India?
Valuation fees vary significantly by scope, complexity, and firm size. Boutique valuation firms typically charge between Rs. 25,000 and Rs. 2 lakh for startup fundraising reports. Complex valuations involving CCPS, multiple share classes, or OPM modelling will cost more. Large national or global firms charge substantially higher fees, often starting at Rs. 5 lakh or above for similar mandates. The fee reflects the depth of analysis, defensibility of the report, and the valuer’s regulatory expertise.
6. Is IBBI registration required for ESOP valuation?
Yes, for the accounting valuation of ESOPs under Ind AS 102, an IBBI registered valuer’s involvement is the professional standard, and many statutory auditors now require it. For the tax valuation of ESOPs under the Income Tax Rules (to determine perquisite value at exercise date), an IBBI registered valuer provides the strongest defensible basis. While the Income Tax Act’s prescriptions for ESOP taxation do not always explicitly mandate IBBI registration, auditors and the CBDT scrutiny environment strongly favour reports signed by registered valuers.
7. What is the difference between an IBBI registered valuer and a SEBI-registered Merchant Banker for valuation purposes?
An IBBI registered valuer is authorized under the Companies Act 2013 for statutory valuations involving companies, securities, and financial assets. A SEBI-registered Category I Merchant Banker is required for specific valuation certifications under SEBI ICDR Regulations (such as preferential allotment pricing for listed companies) and was previously required for DCF-based Angel Tax valuations under Rule 11UA. For most startups, ESOP, FEMA, and IBC valuation mandates, an IBBI registered valuer is the relevant statutory authority. Some mandates require both, and some valuation firms hold both credentials.
