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Valuation of shares in a closely held company unde FEMA!!

This query is : Resolved 
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(Querist)
21 July 2010 Dear Experts,
A Foreign National wants to sell his shares in a closely held company.
But the consideration on the shares can be made only as per the valuation of shares made as per the regulation issued by the RBI from time to time.
It seems there is a new regulation made by the RBI RBI/2009-10/445 A.P.(DIR Series) Circular No.49 dt. May 04, 2010 which is effective immediately.
Experts guide me in this issue whether i am going in the right direction.
It is very urgently required for our client.
With regards,
Rajesh
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Rasesh

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Rasesh (Expert)
22 July 2010 where the shares of an Indian company are not listed on a recognized stock exchange in India, the transfer of shares shall be at a price not less than the fair value to be determined by a SEBI registered Category – I - Merchant Banker or a Chartered Accountant as per the discounted free cash flow method.
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