This refers to valuation carried out for instruments and employee-linked securities such as:

• ESOPs (Employee Stock Option Plans) – Options granted to employees which may require valuation to determine grant price, fair value for accounting, or buyback price.
• Sweat Equity Shares – Shares issued to employees/directors in return for services or know-how, requiring a valuation of both the company and the services.
• Convertible Instruments (CCPS, CCDs, etc.) – Preference shares or debentures that can be converted into equity at a later date, where valuation is needed to determine conversion ratios, pricing and compliance with law and regulations.