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FOR REGULATORY, TRANSACTIONAL, AND FINANCIAL REPORTING VALUATIONS
Valuation Advisory.
Valuation advisory, modelling, and orchestration. Rule 11UA and 11UAA, ESOP Black-Scholes, M&A Discounted Cash Flow, Insolvency and Bankruptcy Code and NCLT valuations, Indian Accounting Standard 113, fairness opinions, and Purchase Price Allocation. Credentialed reports issued through panel-empanelled IBBI Registered Valuers.
01 · What we do
Valuation advisory
Defensible valuations for tax, transactions and reporting — built to withstand an assessing officer, an auditor or a tribunal.
What we handle
- Rule 11UA / 11UAA valuations for share issuances and angel-tax.
- ESOP valuation (Black-Scholes) for accounting and perquisite tax.
- Transaction valuation — DCF, fairness opinions and purchase-price allocation (Ind AS 103 / 113).
- IBBI-registered valuations for IBC / NCLT (via panel).
- Intangibles & ODI — brand, IP and round-trip valuations.
02 · Who this is for
Client profiles
Companies issuing shares in priced rounds
Companies issuing equity in priced rounds (Series A through pre-IPO), requiring Rule 11UA valuation certification for Section 56(2)(viib) compliance and FEMA Rule 21 compliance for cross-border issuances.
Companies operating ESOP plans
Private and public companies operating ESOP plans, requiring annual Black-Scholes valuations for Ind AS 102 expense recognition and exercise pricing under the Companies Act framework.
Buyers, sellers, and transaction advisors in M&A
Strategic and financial buyers, exiting sellers, and transaction advisors in M&A transactions, requiring DCF valuations, fairness opinions, and Purchase Price Allocation post-closing.
Resolution professionals, creditors, and stakeholders in IBC/NCLT
IBBI Resolution Professionals, secured and unsecured creditors, and other stakeholders in CIRP and liquidation, requiring IBBI Registered Valuer valuations for Fair Value and Liquidation Value.
03 · How we engage
Engagement structure
01
Regulatory valuations
Rule 11UA and 11UAA valuations for share issuance, transfer, and Section 56 compliance. Certified reports by Chartered Accountants or SEBI-registered Merchant Bankers as required.
02
Transactional valuations
M&A Discounted Cash Flow, comparable company, precedent transactions methodologies, fairness opinions, and Purchase Price Allocation post-closing.
03
ESOP and equity grant valuations
Annual Black-Scholes and Binomial Option Pricing Model valuations for Ind AS 102 accounting, perquisite tax compliance, and ongoing ESOP plan operationalisation.
04
IBBI valuations
IBC valuations through panel-empanelled IBBI Registered Valuers for CIRP, liquidation, and NCLT-supervised matters across all three IBBI Registered Valuer asset classes.
04 · Representative scenarios
Illustrative engagements
Representative scenario
Series A share issuance with cross-border investor
An Indian B2B SaaS company is issuing Series A shares to a Singapore-resident lead investor, requiring valuation certification for both Section 56(2)(viib) compliance and FEMA Rule 21 compliance. Considerations: methodology selection (DCF as primary, with comparable company cross-validation), cross-border valuation requirements under FEMA, consistency between the Rule 11UA position and the Rule 21 position, supporting documentation for both compliance frameworks, and post-issuance filings (Form FC-GPR within 30 days). Engagement: integrated valuation report addressing both Rule 11UA and Rule 21, with supporting documentation and post-issuance compliance coordination.
Representative scenario
Annual ESOP valuation for growth-stage company
A growth-stage healthcare company with ₹45 Cr ARR operates an ESOP plan with three vintage grants. The annual valuation cycle requires Black-Scholes valuation for new grants, updated valuation for unexercised existing grants, Ind AS 102 expense computation for the year, and perquisite tax position for any exercises during the year. Considerations: volatility input (typically derived from comparable listed companies), expected term, underlying share value (from most recent priced round or DCF), and integrated Ind AS 102 accounting expense computation. Engagement: annual valuation, Ind AS 102 expense computation, and perquisite tax position support.
Representative scenario
Corporate Insolvency Resolution Process valuation
An IBBI Resolution Professional has been appointed for a manufacturing company in CIRP. The Resolution Professional requires Fair Value and Liquidation Value across all three IBBI Registered Valuer asset classes, with two independent IBBI Registered Valuers per asset class as required by the CIRP regulations. Considerations: coordinated engagement of six independent IBBI Registered Valuers, consolidated reporting framework, timeline within the CIRP statutory window (typically 4 to 6 weeks from appointment), alignment of methodology across the valuers for each asset class, and integrated submission to the Resolution Professional. Engagement: panel coordination for six IBBI Registered Valuers, consolidated reporting, and ongoing engagement through the CIRP process.
05 · Frequently asked
Questions clients ask
Is Advisory Monks an IBBI Registered Valuer?
Advisory Monks Consulting is not itself an IBBI Registered Valuer entity (which is a separate registration with specific eligibility and certification requirements). For matters requiring IBBI Registered Valuer certification (IBC, NCLT-supervised matters), we operate through panel-empanelled IBBI Registered Valuers across the three asset classes. The coordination is integrated within our overall engagement, with the IBBI Registered Valuer issuing the certificate under their own registration.
What is the typical Rule 11UA valuation report deliverable?
A Rule 11UA valuation report typically includes company background and business description, methodology selection rationale, underlying financial data review, methodology application (with detailed workings), sensitivity analysis around key assumptions, cross-validation across methodologies, conclusion on fair market value, and Chartered Accountant certification. Typical report length is 20 to 60 pages, depending on the complexity of the underlying business.
What is the difference between Fair Value and Liquidation Value under IBC?
Fair Value under the IBC framework is the value of the corporate debtor as a going concern, assuming continued operations and the absence of distressed sale pressure. Liquidation Value is the value assuming forced sale of assets under distressed conditions, typically within a short window. The two values are typically materially different, with the gap being one of the principal indicators of resolution potential. Both values are mandatory under the CIRP framework.
How is volatility determined for ESOP Black-Scholes valuation?
Volatility for private company ESOP valuation is typically derived from comparable listed companies (the historical price volatility over the expected option term). The comparable set is selected based on the issuing company's sector, stage, and business model. Where multiple comparable sets are available, the practitioner exercises judgement on the most representative set. The volatility input materially affects the Black-Scholes output, so supporting documentation requires careful preparation.
Does Advisory Monks issue fairness opinions for related-party transactions?
Yes. Fairness opinions for related-party transactions are issued where the transaction requires independent third-party assessment of fairness from a financial perspective. Common contexts include transactions between parent and subsidiary, transactions involving promoter group entities, transactions requiring SEBI Listing Regulations approval (for listed companies), and transactions under NCLT-supervised schemes of arrangement.
What is the typical timeline for an M&A DCF valuation?
For an M&A DCF valuation supporting a transaction with a target of revenue between ₹50 Cr and ₹500 Cr, the typical timeline from instructions to draft report is 3 to 5 weeks, covering financial data collection (1 to 2 weeks), methodology setup and base case modelling (1 to 2 weeks), sensitivity and scenario analysis (1 week), and report drafting and review (1 week). Complex transactions typically extend to 6 to 8 weeks.
Self-service valuation — Founder Math
Need a startup valuation immediately?
For founders who want a structured valuation before approaching a partner — or before a term sheet conversation — our self-service engine, Founder Math, produces an IBBI-grade valuation report in approximately 30 minutes. Sector-calibrated DCF, Scorecard, and Berkus methods. Defensible for Section 56(2)(viib) and FEMA Rule 21 conversations.
“He breaks down complex topics like investments, debentures and equities into practical, easy-to-understand insights — an invaluable resource for founders and investors alike.”
Speak with a partner
Tell us about your facts. We will respond with a structured approach.
Each engagement begins with a structured workshop covering your specific facts, timeline, and constraints. We respond with an option analysis and indicative fee within five working days of the initial discussion.