Notification/Circular No.: F. No. SEBI/LAD-NRO/GN/2025/284 dated December 03, 2025
Applicable Act/Rule – SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021
Effective Date: 30 days from publication in Official Gazette i.e January 02, 2026
SEBI has amended the valuation-related provisions under the 2021 Regulations to ensure alignment with the Companies Act, 2013 and improve independence of valuation professionals.
The amendment replaces the definition of “valuer” in Regulation 2(1)(ww) with a reference to the meaning under Section 247 of the Companies Act, 2013, ensuring standardised valuation requirements.
Regulation 34(1) is amended to replace “merchant banker” with “independent registered valuer” as the qualified person for valuation. A nine-month transition period has been granted for merchant bankers to complete ongoing valuation assignments initiated before this amendment takes effect.
Further, sub-regulations (2) and (3) under Regulation 34 have been omitted.
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