Unquoted equity share valuation must use cost, DCF-based fair market value, or a statutory formula allocating adjusted net assets. Determination of price for unquoted equity shares requires the highest of: cost of acquisition; fair market value determined on the transaction date by a merchant banker or accountant using the Discounted Free Cash Flow method; or statutory formulaic fair market value = (A + B - L) x (PV/PE), where A is adjusted book value of specified assets, B is open-market value of excluded asset classes and immovables, L is specified book liabilities with enumerated exclusions, PE is total paid-up equity capital, and PV is the paid-up value of the subject shares.