Fair market value definitions govern balance sheets, quoted securities, valuers, and valuation dates under the income-tax rules. Defines expressions used in determining fair market value, including balance sheet, merchant banker, quoted shares or securities, recognised stock exchange, registered dealer, registered valuer, securities, unquoted shares and securities, and valuation date. The meaning of balance sheet differs for Indian and non-Indian companies by reference to audited accounts drawn up on the valuation date. The valuation date is linked to the date of receipt, transfer, or conversion into a capital asset, depending on the applicable provision.