A small practice, deliberately
This practice exists because valuation is a judgement discipline, and judgement does not scale by adding juniors. Every engagement is worked and signed by the same person.
Why we set it up this way
Valuation reports fail for boring reasons. A valuation date that does not match the allotment. A peer set nobody can justify. A terminal growth rate above the long-run growth of the economy. Projections copied from a pitch deck without a single question asked of them.
Those failures are not technical — they are the result of volume. Reports produced on a conveyor, reviewed at the last minute, signed by someone who never spoke to management. When the notice or the audit query arrives eighteen months later, there is nobody left who remembers the reasoning, and the file does not contain it either.
This practice is built to avoid that. We take a limited number of mandates. The valuer who scopes the engagement builds the model, holds the management discussion and signs the report. The working file is written as though it will be read by someone hostile — because sometimes it is.
How we think about independence
Independence is not a paragraph in the report. It is a set of engagements you decline. We do not act as statutory auditor, internal auditor or tax consultant for an entity we value. We do not accept success fees or any fee linked to the valuation outcome. We do not accept mandates conditioned on reaching a figure, however politely that condition is expressed.
This occasionally costs us work. It is also the only reason our reports are worth anything to the people who have to rely on them.
CA Akshay Daiya
Registered Valuer — Securities or Financial Assets
- Chartered Accountant
Member, ICAI — M. No. 430882 - IBBI Registered Valuer
Reg. No. IBBI/RV/06/2025/15867 - RVO
ICAI Registered Valuers Organisation - Practice areas
Assurance, transaction advisory and independent valuation
What we work to
Every report states the standards applied on its face. These are the frameworks we work within.
ICAI Valuation Standards
ICAI VS 101–303 covering definitions, scope of work, bases of value, valuation approaches, and reporting and documentation requirements.
Registered Valuers Rules
Companies (Registered Valuers and Valuation) Rules 2017, including the model code of conduct in Annexure I.
IVS
International Valuation Standards, applied where the mandate is cross-border or where a foreign investor's auditor expects them.
Ind AS
Ind AS 113, 103, 102, 36 and 109 for financial-reporting mandates, with disclosure-ready input tables.
IBBI Regulations
CIRP Regulations 27 and 35 for insolvency mandates, and the valuation-related provisions of the Liquidation Process Regulations.
ICAI Code of Ethics
Governing independence, confidentiality, fee arrangements and the limits on advertising and solicitation.
What we ask of clients
A valuation is a joint exercise. These are the four things that determine whether it goes smoothly.
Tell us the real purpose
“For internal purposes” is almost never the actual reason. The purpose determines the basis of value and therefore the answer. If the report is destined for a filing, a lender or a counterparty, say so at the outset — changing it later means redoing the work.
Send complete data once
Partial data restarts the analysis. The information request list is designed so that one properly answered round is enough.
Own the projections
Management's forecast is management's. We test it, challenge it and document the basis, but we do not author it. A plan the board has never seen is not a plan we can rely on.
Give us the deadline honestly
If the board meets on the 28th, tell us on day one. A real deadline we can plan around; a discovered deadline costs quality.
Let's establish what you need.
Twenty minutes on a call is usually enough to scope the engagement and give you a fee.