SEBI takeover rules now require independent registered valuers for takeover valuations, with a nine month transition period. The amendment defines valuer as per the Companies Act and requires valuation for takeover purposes to be performed by an independent registered valuer, substituting prior references to the acquirer, manager to the open offer, merchant banker or independent chartered accountant. The Board may require such independent valuations at the acquirer's expense. Ongoing valuation assignments begun before the amendments may be completed by the previously engaged professionals within nine months from the regulations' coming into force.