Expert valuation under Companies Act, Income Tax Act, FEMA, IBC, SEBI & IP laws — for corporates, startups, and investors across India.
CA Basappa Mahadev Venkatapur is a distinguished member of The Institute of Chartered Accountants of India (ICAI) and the ICAI Registered Valuers Organisation (ICAI RVO). He is duly registered with the Insolvency and Bankruptcy Board of India (IBBI) as a Valuer under the asset class "Securities or Financial Assets".
With cross-sector expertise spanning corporate finance, capital markets, insolvency resolution, and intellectual property, he delivers valuation opinions that are defensible before NCLT, ITAT, Income Tax authorities, and institutional investors alike.
RV reports for mergers, demergers, share allotments, buybacks, and compliance under Sec 62, 230–232, and 247 of Companies Act 2013.
Sec 247 · RV Certified · M&AFair Market Value (FMV) reports for Sec 56(2)(x), 50CA, and ESOP issuances. CA-certified, accepted by income tax authorities and assessing officers.
Sec 56 · 50CA · ESOP · FMVPre-money / post-money valuations for funding rounds, DPIIT recognition, convertible instruments (SAFE, CCD, NCD), and investor due diligence.
Seed · Series A–D · DPIIT · Pre-IPOValuation of patents, trademarks, copyrights, trade secrets, and goodwill for licensing, litigation support, and Ind AS 38 balance sheet recognition.
Patents · Trademarks · Brand · GoodwillInternationally compliant valuations for foreign investments, cross-border share transfers, and ODI/FDI reporting under FEMA and RBI Master Directions.
FEMA · RBI · ODI · FDI · FCGPRIBC-compliant valuations for CIRP resolution processes and SEBI-mandated reports for open offers, preferential allotments, and delisting of listed entities.
IBC · SEBI · NCLT · Open OfferIBBI-registered, ICAI-certified, with deep cross-sector expertise — from early-stage startups to large corporates undergoing M&A, restructuring, or insolvency resolution.
Our reports are built to withstand scrutiny — tax authorities, regulatory bodies, institutional investors, or courts of law.
Reports signed under Reg. No. IBBI/RV/06/2021/14105 — full legal validity guaranteed.
DCF, NAV, market multiples, EV/EBITDA, relief-from-royalty, and cost approaches.
Detailed, documented reports that stand up to NCLT, ITAT, and High Court scrutiny.
Standard valuation reports in 5–7 working days. Express delivery available.
Not sure what your business is worth? Use our free calculator to get an instant indicative valuation using three industry-standard methods — the same approaches used by investment bankers, CAs, and registered valuers across India.
This tool is free for all visitors. Results are indicative only — for a certified report acceptable to regulators, contact CA Basappa directly.
Choose a method — DCF, Comparable Company, or EBITDA Multiple
Enter your numbers — revenue, EBITDA, cash flows, debt
Get instant results — Enterprise Value, Equity Value, range analysis
Need a certified report? — Contact us for a regulatory-grade valuation
| Year | Free Cash Flow (₹L) | Discount Factor | Present Value (₹L) |
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These are indicative results. For a certified DCF report acceptable to Income Tax, SEBI, NCLT or RBI — contact CA Basappa.
Get Certified Report →| Method | Multiple Applied | Enterprise Value (₹L) | Equity Value Post-Discount (₹L) |
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Want a formal CCA report with real peer company data for SEBI, FEMA or M&A compliance? Contact CA Basappa.
Get Certified Report →| Scenario | Multiple (x) | Enterprise Value (₹L) | Equity Value (₹L) | Per Share (₹) |
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Need this as a certified valuation report for M&A, fundraising, or tax compliance? CA Basappa can help.
Get Certified Report →A walkthrough of the Registered Valuer mandate — when required, who can certify, and how courts test validity.
How startups protect themselves from excess premium taxation with the right FMV report before issuing shares.
A practitioner's comparison of the two most widely accepted methodologies for trademark and brand valuation.
A practical guide to selecting the correct discount rate with Indian market benchmarks and regulatory guidance.
Section 247 of the Companies Act 2013 introduced a significant regulatory requirement — that valuations for certain corporate transactions must be conducted only by a Registered Valuer (RV) who is registered with the Insolvency and Bankruptcy Board of India (IBBI). This was a landmark shift from the earlier regime where any chartered accountant could provide a valuation.
Under the Companies Act 2013, an IBBI Registered Valuer is mandatorily required for the following transactions:
Courts, particularly the NCLT and NCLAT, have increasingly scrutinised valuation reports in M&A disputes. A legally defensible report must include clear methodology disclosure, comparable transactions, sensitivity analysis, and be signed by a registered professional with the IBBI registration number prominently stated.
CA Basappa Mahadev Venkatapur (IBBI/RV/06/2021/14105) provides Section 247-compliant valuation reports for mergers, demergers, share allotments, and restructuring transactions. Reports are prepared in the format prescribed by IBBI and accepted by NCLT Bengaluru Bench without modification.
Section 56(2)(viib) — popularly known as the "Angel Tax" provision — of the Income Tax Act taxes the excess premium received by a closely held company when it issues shares above their Fair Market Value (FMV). If a startup raises ₹10 crore from an investor at a valuation of ₹50 crore, but the Income Tax department determines FMV at only ₹30 crore, the ₹20 crore difference is taxed as "income from other sources" at the company's applicable tax rate.
The most effective protection is obtaining a Fair Market Value (FMV) certificate from a registered valuer or merchant banker before issuing shares. Under Rule 11UA of the Income Tax Rules, if you use the Discounted Cash Flow (DCF) method and get a certificate from a qualified professional, the FMV determined is generally accepted by the Income Tax department.
Section 56(2)(x) applies not just to companies but to any recipient of property (including shares) received without adequate consideration or at inadequate consideration. For share transfers between individuals or companies, if the consideration is below FMV by more than ₹50,000, the difference is taxable in the hands of the recipient.
The Valuers provides FMV reports under Rule 11UA for seed, Series A, and later-stage funding rounds. Reports are structured to withstand scrutiny from the Assessing Officer and provide strong defence in case of reassessment proceedings.
Brands, trademarks, and trade names are often the most valuable assets a company owns — yet they rarely appear on the balance sheet at their true value. Brand valuation is required for: licensing deals, merger & acquisition pricing, litigation support (damages calculation), balance sheet recognition under Ind AS 38, and ESOP scheme structuring for IP-heavy companies.
The Relief-from-Royalty method calculates brand value as the present value of royalties the company would have had to pay if it did not own the brand and had to license it instead. Steps:
The Income Approach isolates the cash flows attributable specifically to the brand by subtracting returns attributable to other contributing assets (tangible assets, workforce, technology). What remains — the "excess earnings" — represents the brand's contribution. These excess earnings are then discounted to present value.
Under Ind AS 38 (Intangible Assets), acquired intangibles must be recognised at fair value in a Purchase Price Allocation (PPA) exercise. This requires a formal brand valuation report from a qualified professional. The Valuers provides Ind AS 38 and IFRS 3-compliant IP valuation reports for M&A transactions and business combinations.
In a Discounted Cash Flow valuation, small changes in the discount rate cause enormous changes in the final valuation. A 2% increase in discount rate can reduce a company's DCF value by 20–30%. Choosing the right rate is therefore not just a technical exercise — it is a professional judgment that can make or break a valuation opinion.
The foundation of any discount rate calculation is the risk-free rate — the return an investor can earn with zero risk. In India, the standard practice is to use the 10-year Government of India bond yield as the risk-free rate. As of early 2025, this is approximately 7.0–7.2% per annum.
WACC is used when valuing the entire firm (Enterprise Value) using Free Cash Flow to Firm (FCFF). It blends the cost of equity and cost of debt, weighted by their proportions in the company's capital structure.
Cost of Equity (calculated using CAPM) is used when valuing equity directly using Free Cash Flow to Equity (FCFE), or for companies with no debt (startups, many tech companies). For listed companies, beta is observable. For private companies, you must use an industry beta unlevered and re-levered for the company's capital structure — a critical step often missed by non-specialists.
SEBI's takeover regulations and IBBI's valuation standards do not prescribe a specific discount rate but require that the methodology be disclosed, justified, and consistently applied. NCLT has in several cases remanded valuation reports where the discount rate was not adequately explained or appeared cherry-picked to support a predetermined conclusion.
FMV report under Sec 56(2)(x) for a Bangalore-based fintech issuing preferential shares to overseas investors. Report accepted by the Assessing Officer without queries.
Valuation for a cross-holding merger of two Karnataka-based manufacturing entities. Share exchange ratio accepted by NCLT Bengaluru Bench without modification.
Dual valuation (liquidation value and fair value) for an MSME under CIRP. Report submitted to Resolution Professional under IBC 2016.
Valuation for equity shares issued to a Singapore-based strategic investor. Structured per RBI FEMA pricing guidelines and accepted for FCGPR filing without objection.
Revised Continuing Professional Education requirements mandate minimum CPE hours through recognised RVOs. Our registrations and CPE are fully current.
Following Budget 2024-25, DPIIT-registered startups continue to enjoy Section 56(2)(viib) exemption. FMV certification still required for non-exempt investors.
We've launched an interactive valuation tool with DCF, Comparable Company, and EBITDA multiple methods — helping founders and CFOs do quick scenario analysis.
Amended Takeover Code now requires an independent IBBI-registered valuer for all open offer pricing reports.
Client names kept confidential per engagement agreements. References available on request.
Speak directly with CA Basappa Mahadev Venkatapur — IBBI Registered Valuer. No commitment required.
Near the Back Gate of Global Village Tech Park, RVCE Post, Kengeri area, Bangalore South. Accessible from Mysore Road and NICE Road corridor.