Private Markets Intelligence

Merchant Banker vs Registered Valuer: Who Signs Which Report?

On 5 December 2025, SEBI quietly rewrote the rulebook on who gets to put their signature on a valuation report, and most founders still don't know it happened. If you've been asking a Merchant Banker to sign something a Registered Valuer should be signing, or vice versa, your report may not hold up the next time SEBI, the Income Tax Department, or an auditor comes asking. This is the question every CFO and company secretary has been Googling since the notification landed: Merchant Banke