Where the shares are not frequently traded, the price determined by the issuer shall take into account valuation parameters including book value, comparable trading multiples, and such other parameters as are customary for valuation of shares of such companies:
Provided that the issuer shall submit a certificate stating that the issuer is in
compliance of this regulation, obtained from an independent merchant banker or an
independent chartered accountant in practice having a minimum experience of ten years, to the stock exchange where the equity shares of the issuer are listed.
SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2014 w.e.f. 25.08.2014