Equity Funding Consultant in Ahmedabad: How to Raise Startup Funding, FEMA Compliance and Investor Readiness for Gujarat Companies

Raising equity funding is one of the most consequential decisions a business owner makes — and in India, it is also one of the most regulated. Whether you are a Ahmedabad-based startup preparing for your first angel round, an MSME considering a private equity investment, or a family-owned business with an NRI co-promoter transferring shares, every equity transaction in India carries a set of legal, valuation, and regulatory obligations that must be completed correctly before the money moves.

An equity funding consultant in Ahmedabad who understands both the commercial and the regulatory side — investor readiness, term sheet structuring, valuation, FEMA compliance, and Companies Act filings — is materially more valuable than one who handles only one dimension. Marcken Consulting LLP provides end-to-end equity funding advisory for Gujarat companies: from cap table design and financial modelling through to FEMA Merchant Banker valuations, FC-GPR filing, and the Companies Act allotment process. This guide covers what equity funding consultancy involves, what the regulatory obligations are for Ahmedabad and Gujarat companies, and how Marcken Consulting LLP supports founders and promoters through every stage.

1. Gujarat’s Equity Funding Ecosystem

Gujarat has been ranked the Best Performing State in the Startup India Rankings for five consecutive years and has more than 19,000 DPIIT-recognised startups as of 2026. Ahmedabad sits at the centre of this ecosystem — alongside the pharmaceutical and chemical clusters in Vadodara, Ankleshwar, and Vapi, the diamond and jewellery sector in Surat, and the GIFT City (IFSC) financial infrastructure between Ahmedabad and Gandhinagar.

Despite this scale, Gujarat’s state government schemes provide only non-dilutive support — the Gujarat Industrial Policy 2020 Startup Scheme offers seed grants of up to ₹30 lakh, and i-Hub (the state’s incubation initiative, established 2019) offers grants of ₹2.5 to 10 lakh under its S4 Startup Srujan Seed Support programme. Equity capital — the kind that funds growth, builds teams, and enables working capital at scale — must come from private sources: angel investors, venture capital funds, domestic or foreign private equity, or GIFT City-based funds.

The most important equity capital sources active in Gujarat and Ahmedabad include:

• GVFL Limited (formerly Gujarat Venture Finance Limited) — India’s first venture capital firm, incorporated in Ahmedabad on 2 July 1990 at the initiative of the World Bank and the Government of Gujarat. GVFL has managed multiple VC funds since 1990, investing across sectors including fintech, agritech, and manufacturing. It invests from early stage to growth stage.
• CIIE.CO (IIM Ahmedabad) — Incubator and accelerator founded in 2002 at IIM Ahmedabad. One of India’s most active early-stage investment platforms, with a network of investors across sectors.
• iCreate — International Centre for Entrepreneurship and Technology, set up in Ahmedabad (Deo Dholera campus) with support from the Governments of Gujarat and India. Focuses on embedded systems, electronics, and IoT.
• Pan-India angel networks and VC funds — Indian Angel Network, Mumbai Angels, LetsVenture, and Inflection Point Ventures actively invest in Gujarat companies, particularly in technology, pharmaceuticals, and agritech.
• GIFT City-based AIFs — Under the IFSCA (Fund Management) Regulations, 2025, funds registered in GIFT-IFSC can invest in Indian unlisted companies. Such investments are treated as FDI under FEMA, requiring a Rule 21 Merchant Banker valuation and FC-GPR filing — the same compliance stack as any foreign investment.

How to Raise Equity Funding for Your Ahmedabad Startup or MSME

Raising equity funding in Ahmedabad follows a well-defined sequence regardless of sector or stage. The steps vary based on one critical question: is any investor a non-resident? If yes, FEMA applies and the compliance stack is significantly larger. If no, the process is governed entirely by the Companies Act. Most Ahmedabad companies encounter a mix — a domestic angel or seed round followed by a foreign VC or GIFT City fund at Series A. Understanding the full sequence before starting investor conversations prevents the most common and costly mistakes.

1. Get investor-ready: audited accounts, clean cap table, demat shares, and a financial model with documented assumptions.
2. Determine the investor type: resident or non-resident? This single question determines whether FEMA applies and whether a Merchant Banker or a Registered Valuer signs the valuation report.
3. Get the valuation done: Registered Valuer report for domestic rounds; SEBI Merchant Banker DCF report for any foreign investor, including GIFT City funds.
4. Pass the special resolution: EGM with the explanatory statement disclosing all allottees and the pricing basis.
5. Allot and file: allot within 60 days of receiving subscription money; file PAS-3 with ROC Gujarat within 15 days; file FC-GPR on FIRMS within 30 days (foreign rounds only).

Each step has specific regulatory requirements, timing deadlines, and document obligations. Marcken Consulting LLP manages the full sequence for Ahmedabad and Gujarat companies, coordinating the valuation, the Companies Act filings with ROC Gujarat, and the FEMA reporting with the AD bank.

2. What an Equity Funding Consultant in Ahmedabad Does

An equity funding consultant in Ahmedabad bridges two worlds that business owners often approach separately: the commercial side (investor readiness, pitch preparation, term sheet review, cap table structuring) and the regulatory side (valuation, FEMA compliance, Companies Act allotment procedure, IBBI requirements). In India, separating these two is a mistake — the regulatory obligations are triggered at the moment of investment, and a round that is commercially agreed but regulatorily defective can result in FEMA penalties, rejected filings, or transactions that must be unwound.

2.1 Investor Readiness and Pre-Fundraising Advisory

Before approaching investors, a company must be investor-ready. This means:

• Financial statements in order: audited accounts for at least the last two to three years, with clean notes and consistent accounting policies. Investors and FEMA regulations both require audited accounts as the base for valuation.
• Clean cap table: a clear record of who owns how many shares, at what price they were issued, and whether all prior allotments were compliant (special resolutions filed, PAS-3 returns submitted). Historical non-compliance in cap table management is among the most common due diligence failures for Gujarat MSMEs.
• Dematerialisation of shares: under Rule 9B of the Companies (Prospectus and Allotment of Securities) Rules, 2014, all private limited companies that are not “small companies” (paid-up capital above ₹4 crore or turnover above ₹40 crore) are required to hold and issue shares only in dematerialised form. This requirement has been in effect since 30 June 2025. Any unlisted company that has not yet obtained an ISIN and moved to demat must do so before the next allotment.
• Projections and financial model: a three-to-five year financial model with revenue assumptions, cost structure, funding requirement, and use of proceeds — built to withstand investor scrutiny and serve as the basis for the DCF valuation that FEMA and arm’s-length investor rounds require.

2.2 Cap Table Design and Structuring

Cap table structuring determines how ownership, economics, and control are distributed between founders, employees (through ESOPs), and investors across multiple rounds. Key decisions include:

• Pre-money valuation and post-money dilution for each round
• Whether to issue equity shares or instruments convertible into equity (CCDs, CCPSs) — the choice affects FEMA entry route, tax treatment, and valuation methodology
• ESOP pool sizing and timing — how many options to reserve before the investment, and whether the ESOP pool is pre-dilution or post-dilution
• Anti-dilution provisions and their mechanics (broad-based weighted average vs. full ratchet) and their interaction with future FEMA valuations
• Reserved matters, consent rights, and board composition — the governance architecture that investors will insist on in the SHA

2.3 Term Sheet Review and Negotiation Support

A term sheet sets the commercial framework for the investment. From a regulatory and financial advisory perspective, the critical provisions to review include the pre-money valuation (which determines the FEMA price floor), liquidation preference (which affects the CCPS vs. equity share decision under FEMA), drag-along and tag-along rights (which trigger FEMA valuation obligations on secondary transfers), and the conditions precedent (which typically require a compliant allotment process and clean legal opinions).

Marcken Consulting LLP reviews term sheets from a financial and regulatory standpoint — identifying provisions that create FEMA or Companies Act complications, advising on valuation implications of preference mechanics, and coordinating with the company’s legal counsel on the shareholder agreement. For matters requiring legal advice, clients are always directed to qualified legal professionals.

2.4 Startup Valuation Requirements in Ahmedabad — Which Report, Which Signatory

Every equity round in India — whether domestic or foreign — carries a valuation requirement. The applicable framework depends on who the investor is:

• Domestic round (all-resident investors): Under Section 62(1)(c) and Rule 13 of the Companies (Share Capital and Debentures) Rules, 2014, the issue price must be supported by a valuation report from a Registered Valuer. The valuation establishes a fair price; there is no regulatory floor or ceiling — the company and investors may agree on any price, but the valuation report documents the fair value and supports the explanatory statement in the notice for the special resolution.
• Foreign round (any non-resident investor, including a GIFT-IFSC fund): Under Rule 21 of the FEMA Non-Debt Instruments Rules, 2019, the issue price to a non-resident cannot be less than the fair market value computed by an internationally accepted methodology — in practice, the DCF method. The valuation must be certified by a SEBI-registered Category I Merchant Banker. A CA-signed report is not accepted for FEMA purposes.
• Convertible instruments (CCDs, CCPSs): the valuation applies at the time of issuance of the instrument and again at conversion, if the conversion price is not fixed at issuance. This creates two separate valuation events for many structured rounds.

Marcken Consulting LLP is an IBBI-Registered Valuer (Securities or Financial Assets) and coordinates with SEBI-registered Category I Merchant Bankers for all FEMA mandates. See our detailed guide: Business Valuation in India — The Complete Regulatory Guide and our city-specific guide: Business Valuation Consultant in Ahmedabad.

3. FEMA Compliance for Foreign Investment in Gujarat: A Step-by-Step Guide

3.1 Domestic Round — Companies Act Compliance

An unlisted private limited company in Ahmedabad raising equity from domestic investors must follow this sequence under the Companies Act, 2013:

1. Board resolution approving the allotment and calling an EGM (or passing a resolution by postal ballot)
2. Registered Valuer report under Rule 13 of the Companies (Share Capital and Debentures) Rules, 2014, establishing the fair value of the equity shares to be allotted
3. Special resolution at EGM with the explanatory statement disclosing the names and post-issue holdings of all proposed allottees, the price and basis of pricing, and the purpose of allotment
4. PAS-4 offer letter (where required — private placements under Section 42 require this; an issue to existing shareholders under Section 62 may not)
5. Separate bank account for subscription money received
6. ISIN and demat setup if the company is not a small company (paid-up capital above ₹4 crore or turnover above ₹40 crore) — mandatory under Rule 9B as of 30 June 2025
7. Allotment within 60 days of receiving the subscription money
8. Form PAS-3 (return of allotment) filed with ROC Gujarat (Ahmedabad) within 15 days of allotment

3.2 Foreign Round — FEMA Compliance

Where any investor is a non-resident — including a foreign VC fund, a foreign corporate, an NRI, or a GIFT-IFSC registered fund — the entire Companies Act sequence above applies, plus the following FEMA layer:

1. Confirm entry route and sectoral caps — most sectors in Gujarat (pharmaceuticals, chemicals, technology, FMCG, real estate) are under the automatic route, but a few require government approval. The FDI Policy (as notified by DIPP) governs this.
2. Land-border check (from 1 May 2026) — under the FEM (Non-Debt Instruments) (Amendment) Rules, 2026, any investor whose beneficial owner is a citizen of a country sharing a land border with India requires government approval. For Ahmedabad companies with Chinese or Hong Kong-linked LP structures in their VC or PE investor, this is now a mandatory pre-condition.
3. FEMA Merchant Banker valuation — a DCF-method report under Rule 21 of the NDI Rules, signed by a SEBI Category I Merchant Banker, dated at or near the pricing date. The valuation establishes the minimum issue price — shares cannot be allotted to the non-resident below this value.
4. Receive subscription money through banking channels (FIRC from the AD bank confirms this)
5. Allot shares within 60 days of receiving the inward remittance
6. File Form FC-GPR on RBI’s FIRMS portal through the AD bank within 30 days of allotment. Attachments include the Merchant Banker valuation report, the FIRC, the KYC report of the foreign investor, and the board/shareholder resolution. The RBI Regional Office, Ahmedabad (Near Gandhi Bridge, Income Tax Circle, Ashram Road, Ahmedabad — 380009) oversees FEMA compliance for Gujarat and the UT of Dadra and Nagar Haveli and Daman and Diu.

Late FC-GPR filing attracts a Late Submission Fee. Persistent non-filing can result in FEMA penal proceedings. The filing goes to the RBI through the AD bank — the RBI Ahmedabad Regional Office does not receive filings directly.

3.3 GIFT City Investors — Treated as Foreign Investment

Funds registered with IFSCA in GIFT City — under the IFSCA (Fund Management) Regulations, 2025 — are treated as persons resident outside India under the FEM (International Financial Services Centre) Regulations, 2015 (FEMA 339/2015-RB). An investment by a GIFT-IFSC fund in an Ahmedabad unlisted company is therefore FDI and carries all the FEMA obligations above: Rule 21 Merchant Banker valuation, land-border check, and FC-GPR filing. Ahmedabad’s proximity to GIFT City means this scenario arises frequently for Gujarat companies, particularly in fintech, pharmaceuticals, and renewable energy.

3.4 Convertible Instruments — CCDs and CCPSs

Many structured equity rounds in Gujarat use Compulsorily Convertible Debentures (CCDs) or Compulsorily Convertible Preference Shares (CCPSs) instead of direct equity, for tax efficiency and flexibility on conversion pricing. Under FEMA, CCDs and CCPSs with compulsory conversion are treated as equity from the date of issuance — they carry the same Rule 21 pricing, entry route, and FC-GPR obligations as a direct equity allotment. A separate valuation is required at conversion if the conversion price is formula-based rather than fixed at issuance. The valuation at conversion must reflect the fair value at the time of conversion, not the value at the time of issuance.

4. ESOP Structuring for Ahmedabad Companies Raising Equity

Most investor term sheets for technology and growth-stage companies will require an ESOP pool as a condition of the investment. Managing the ESOP pool correctly — in terms of size, timing relative to the investment, and regulatory compliance — is an important part of equity funding advisory.

• Pool size and pre/post-dilution treatment: investors typically require the ESOP pool to be established pre-money (before their investment dilutes the founders), which means the founders bear the full dilution of the option pool. Understanding this mechanic is essential before agreeing to a term sheet.
• Exercise price: for unlisted companies, the exercise price must be set at fair market value at the time of grant, supported by a Merchant Banker FMV certificate. This is a separate valuation from the funding round valuation — though both may be done at the same time if the grant date coincides with the investment date.
• Perquisite tax at exercise: employees pay income tax on the difference between the FMV at exercise and the exercise price. The FMV at exercise must also be certified by a Merchant Banker (within 180 days of exercise). For companies raising equity rounds, the timing of ESOP exercises relative to funding rounds is a significant planning consideration.

5. Sector-Specific Equity Funding in Ahmedabad and Gujarat

Pharmaceuticals and Chemicals

Gujarat accounts for approximately 46% of India’s chemical exports (FY25, IBEF) and has more than 3,300 pharmaceutical manufacturing units. Foreign investment in these sectors — from global pharma MNCs, international PE funds, and NRI promoters — is active and ongoing. Every such investment requires a FEMA Merchant Banker valuation. DCF models for pharma companies must explicitly treat USFDA and CDSCO regulatory risk, export geography concentration, API pricing cycles, and R&D pipeline value. The FC-GPR filing must be completed within 30 days of allotment, with the Merchant Banker report attached.

Technology and Fintech

Ahmedabad’s technology sector — centred on the SG Highway corridor and the satellite townships of Prahlad Nagar, Bodakdev, and Makarba — is generating a growing number of SaaS, fintech, and edtech companies. GIFT City’s presence has added a cross-border fintech dimension, with IFSCA-registered entities creating licensing and investment structures that require both FEMA valuation and IFSCA regulatory expertise. DCF models for technology companies must be built from ARR, churn, and documented growth assumptions benchmarked against listed SaaS and fintech peers.

Manufacturing and Family-Owned MSMEs

Gujarat’s large base of family-owned manufacturing businesses — in textiles, ceramics, engineering goods, and agribusiness — raises equity less frequently than technology companies but faces valuation requirements whenever shares are transferred between family members at less than fair value, or when a domestic or foreign PE fund acquires a minority stake. Intra-family share transfers below fair market value are treated as deemed income under the Income Tax Act, 2025, requiring a Rule 57 NAV computation before the transfer deed is executed. Family businesses with NRI members require both NAV (income tax) and DCF (FEMA) valuations for the same transaction.

Agritech and Renewable Energy

Gujarat is a leading state in both agritech (the state’s cooperative and farmer-producer company ecosystem is among India’s strongest) and renewable energy (Gujarat accounts for a significant share of India’s installed solar capacity). Both sectors attract domestic VC and PE investment and, increasingly, foreign capital through GIFT City-based AIFs and direct FDI. Agritech and renewable energy company valuations require sector-specific treatment — cooperative or FPC structures have specific restrictions on foreign investment under FEMA, and renewable energy project companies are often valued using a project-level DCF rather than a company-level model.

7. How Marcken Consulting LLP Supports Equity Funding and Investor Readiness in Ahmedabad

Marcken Consulting LLP is the equity funding consultant in Ahmedabad for Gujarat companies that need the full spectrum of financial advisory and regulatory compliance for their equity round — under one roof and with a single point of accountability. The firm has supported equity rounds across pharmaceuticals, chemicals, technology, fintech, and manufacturing companies in Gujarat and across India, handling everything from the first Registered Valuer report for a domestic seed round to multi-tranche FEMA Merchant Banker valuations for foreign PE investments:

• Financial modelling and investor-ready financials: three-to-five year DCF models with sector-specific assumptions, built for both investor due diligence and FEMA compliance. Clean projections that serve both the pitch deck and the valuation report.
• Cap table design: pre-round and post-round cap table modelling, ESOP pool sizing, dilution waterfall analysis, and convertible instrument structuring — all mapped to the FEMA and Companies Act consequences of each choice.
• FEMA Merchant Banker valuation: DCF-method valuation reports for foreign rounds, coordinated through established panel SEBI Category I Merchant Banker relationships. Marcken Consulting LLP remains the single point of accountability for the full engagement.
• IBBI Registered Valuer report: for domestic rounds under the Companies Act (Rule 13), Registered Valuer reports are signed in-house by CA Murli Chandak, IBBI-Registered Valuer for Securities or Financial Assets.
• FC-GPR filing support: preparation of all documents required for the FIRMS portal filing — valuation report, board/shareholder resolution, use-of-proceeds statement — and coordination with the AD bank for submission within the 30-day deadline.
• Companies Act allotment compliance: PAS-3 preparation and filing with ROC Gujarat, coordination of the special resolution process, and demat/ISIN setup for companies that have not yet dematerialised.
• ESOP FMV certification: Merchant Banker FMV certificates at grant and at exercise, coordinated with the fundraising timeline.

We also handle the pre-IPO valuation when a company that has raised private equity is preparing for a listing — see our guide: IPO Consultant in Ahmedabad. For GST advisory relevant to fundraising structures and holding companies, see GST Consultant in Ahmedabad. For NBFC-related investment structures, see NBFC License Consultant in Ahmedabad.

Quick Reference: What Does Your Equity Round Require?

Scenario	Valuation Required	Signatory	FEMA Filing	Companies Act Filing
Domestic angel / PE round (all residents)	Yes — fair value for Rule 13	IBBI Registered Valuer	No	Special resolution + PAS-3 (within 15 days)
Foreign VC / PE round (any non-resident)	Yes — DCF for FEMA Rule 21	SEBI Category I Merchant Banker	FC-GPR within 30 days of allotment	Special resolution + PAS-3 (within 15 days)
GIFT-IFSC fund investment	Yes — DCF for FEMA (treated as FDI)	SEBI Category I Merchant Banker	FC-GPR within 30 days of allotment	Special resolution + PAS-3 (within 15 days)
NRI investment (repatriable)	Yes — DCF for FEMA Rule 21	SEBI Category I Merchant Banker	FC-GPR within 30 days of allotment	Special resolution + PAS-3 (within 15 days)
CCD / CCPS issuance to non-resident	Yes — DCF at issuance; fresh valuation at conversion if price is formula-based	SEBI Category I Merchant Banker	FC-GPR at issuance; separate filing at conversion	Special resolution + PAS-3 at each allotment
ESOP grant (unlisted company)	Yes — FMV at grant and at exercise	SEBI Category I Merchant Banker	No (unless ESOP is issued to a non-resident employee)	ESOP scheme resolution; PAS-3 at each allotment on exercise
Intra-family share transfer (all residents, below FMV)	Yes — NAV under Rule 57	CA or Merchant Banker	No	Transfer deed; SH-4; no PAS-3 (secondary transfer)
Intra-family share transfer (NRI involved)	Yes — DCF for FEMA + NAV for income tax	Merchant Banker (FEMA) + CA or MB (income tax)	FC-TRS within 60 days	Transfer deed; SH-4

Frequently Asked Questions

1. Can a Gujarat startup raise equity from a GIFT City fund without FEMA compliance?

No. Under the FEM (International Financial Services Centre) Regulations, 2015 (FEMA 339/2015-RB), entities registered in GIFT-IFSC are treated as persons resident outside India. An investment by a GIFT-IFSC fund in an Indian unlisted company is therefore FDI — it requires a FEMA Rule 21 Merchant Banker valuation and FC-GPR filing, exactly as any other foreign investment would. The physical proximity of GIFT City to Ahmedabad does not change the regulatory classification of the investment.

2. Our company has not yet dematerialised its shares. Can we still raise a round?

Not immediately. Rule 9B of the Companies (Prospectus and Allotment of Securities) Rules, 2014 requires all private limited companies that are not “small companies” (paid-up capital above ₹4 crore or turnover above ₹40 crore) to issue shares only in dematerialised form, with effect from 30 June 2025. Before any new allotment, the company must obtain an ISIN, enter into a tripartite agreement with a depository (NSDL or CDSL) and a registrar and share transfer agent, and convert all existing physical shares to demat. Marcken Consulting LLP coordinates the demat process as part of round preparation.

3. What is the PAS-3 deadline for a share allotment?

Fifteen days from the date of allotment, under Section 42(8) of the Companies Act, 2013 as amended by the Companies (Amendment) Act 2017, and Rule 14(6) of the Companies (Prospectus and Allotment of Securities) Rules, 2014. Some older references cite 30 days — this reflects the pre-2017 rule and is no longer correct. Late PAS-3 filing attracts additional fees and may draw ROC scrutiny.

4. Our investor is a US-based VC fund whose LP base includes some Chinese capital. Do we need government approval?

This depends on whether any beneficial owner of the VC fund (at any level of the LP structure) is a citizen of a country sharing a land border with India. Under the FEM (Non-Debt Instruments) (Amendment) Rules, 2026 (effective 1 May 2026), such investments require prior government approval through the Foreign Investment Facilitation Portal (FIFP), regardless of the entry route the sector otherwise allows. The “beneficial owner” test follows the PMLA definition and looks through holding structures. This is a mandatory due diligence step for any Ahmedabad company receiving foreign investment where the investor has LPs in China, Hong Kong, Bangladesh, Pakistan, Nepal, Bhutan, or Myanmar.

5. We are a Gujarat MSME considering domestic PE investment. Do we need a FEMA valuation?

No — if all investors are residents. A domestic-only round (all investors are Indian residents with no foreign beneficial ownership) requires only a Registered Valuer report under Companies Act Rule 13 and the Companies Act allotment process. FEMA applies only when any investor is a non-resident. However, if the PE fund itself has foreign LPs or is a SEBI-registered AIF with a foreign sponsor, confirm the residency status of the investing entity (the fund entity, not the individual LPs) before proceeding.

6. How do I get started?

A 15-minute scoping call is the fastest route — we confirm the round structure, the investor types, whether FEMA applies, and the correct valuation and filing sequence. From there we issue a fixed-fee proposal covering the valuation, filing support, and Companies Act compliance. Reach us at crm@marckenconsulting.com or directly on WhatsApp.

Related Services and Guides

• Business Valuation Consultant in Ahmedabad — IBBI Registered Valuer and Merchant Banker reports for Gujarat companies
• Business Valuation in India — Complete Regulatory Guide — all frameworks, methodologies and signatory rules
• IPO Consultant in Ahmedabad — pre-IPO valuation, SME and mainboard IPO readiness
• NBFC License Consultant in Ahmedabad — for NBFC-related investment structures
• Trademark Consultant in Ahmedabad — IP protection ahead of investor due diligence
• Business Consultant in Ahmedabad — full-spectrum financial and regulatory advisory for Gujarat businesses

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Speak to Us

Marcken Consulting LLP offers a no-charge 30-minute consultation to discuss your equity round, cap table structure, valuation requirement, or FEMA compliance position.

Marcken Consulting LLP | CA Murli Chandak, IBBI-Registered Valuer (Securities or Financial Assets)
Website: marckenconsulting.com
Phone: +91 99980 59923 / +91 99985 39902
Email: crm@marckenconsulting.com

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Regulatory positions in this guide are as published by the relevant Indian regulatory authorities as at September 2026 and are confirmed at the date of filing. This guide is general information, not investment, legal or regulatory advice. For legal advice specific to your transaction, engage a qualified legal professional.