THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
All rights reserved. No part of this publication may be translated, reprinted or reproduced or
utilized in any form either in whole or in part or by any electronic, mechanical or other means, including photocopying and recording, or in any information storage and retrieval system,without prior permission in writing from the publisher.
The views expressed in this concept paper are of the author(s). The Institute of Chartered
Accountants of India may not necessarily subscribe to the views expressed by the author(s).
The information cited in this concept paper has been drawn from various sources. While every
effort has been made to keep the information cited in this concept paper error free, the Institute
or any office of the same does not take the responsibility for any typographical or clerical error
which may have crept in while compiling the information provided in this concept paper.
First Edition : February, 2022
Committee/Department: Valuation Standards Board
E-mail : firstname.lastname@example.org
Website : http://www.icai.org
Price : Rs. 50 /-
Published by : The Publication Department on behalf of The Corporate Laws &
Corporate Governance Committee, The Institute of Chartered
Accountants of India, ICAI Bhawan, Post Box No. 7100,
Indraprastha Marg, New Delhi-110002
Valuation involves research, evaluation and analysis of all relevant information and also
requires appropriate experience, knowledge and judgment of a valuer to make a reasonable
and justifiable opinion of value. In Valuation, there is no scope for error as Valuation lies at
the heart of every transaction and the health of a country’s economy is immensely impacted
by the outcome of a valuation report.
ICAI RVO aims to develop Valuation as a discipline of knowledge such that the Registered
Valuers are not only valuation professionals, but also the most valuable professionals globally.
As part of its continuous endeavour towards the enrichment of knowledge base of Registered
Valuers and other stakeholders, ICAI Registered Valuers Organisation and the Valuation
Standards Board of ICAI have undertaken this joint initiative and are bringing out this Concept
Paper on Estimating Discount Rates in Valuation.
I compliment the efforts of all the members of the Valuation Standards Board (VSB) of ICAI
under the Chairmanship of CA. Anil S. Bhandari, Vice Chairman CA. M P VijayKumar and my
colleagues on the Board of ICAI RVO Shri Pawan Singh Tomar, Shri Ashok Haldia, Prof. Anil
Saini, CA. Nihar N. Jambusaria & CA. Prafulla P. Chhajed for their efforts and support.
I also appreciate the efforts of Shri. Rakesh Sehgal, Managing Director ICAI RVO and CA. Sarika
Singhal, Officiating CEO ICAI RVO and Secretary, Valuation Standards Board and Ms. S. Rita,
Deputy Secretary ICAI for their significant contribution in finalisation of this Concept Paper.
I am confident that the Registered Valuers (RVs) and Valuation Professionals will find this
Concept Paper extremely useful in developing their skills and competencies.