Free Reserves exclude unrealised, notional or revaluation gains and fair value equity changes from distributable reserves. Definition of Free Reserves under section 2(43) identifies reserves available for distribution as dividend per the latest audited balance sheet, and expressly excludes any amount representing unrealised gains, notional gains or revaluation of assets, and any change in carrying amount of an asset or liability recognized in equity, including surplus in profit and loss arising from fair value measurement.