Valuation methodology: updated arm's-length pricing requirement for non-resident investments in unlisted Indian securities, certified by CA or merchant banker. Pricing and valuation for securities issued to persons resident outside India are amended to require the market price prevailing on recognised exchanges for listed instruments and for unlisted equity, preference shares or debentures a price not exceeding that determined by any internationally accepted pricing methodology on an arm's length basis, certified by a Chartered Accountant or a SEBI registered Merchant Banker; private placement pricing must meet SEBI guideline pricing or the fair price so certified.