If you’re preparing for the IBBI Registered Valuer Examination – Securities or Financial Assets (SFA) in July 2026, one of the biggest questions is:

“Should I study the new Phase 6 syllabus or continue with Phase 5?”

Many candidates are confused because IBBI announced a revised syllabus in 2026. This article explains which syllabus applies, what amendments you should study, and how to prepare efficiently.

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Which Syllabus Applies for the July 2026 SFA Exam?

The answer is straightforward.

Although IBBI has released the Phase 6 Valuation Examination Syllabus, it becomes effective only from 21 August 2026.

Therefore, candidates appearing in July 2026 should prepare according to the Phase 5 syllabus.

This means your preparation should focus on the existing syllabus while ensuring that you are aware of applicable legal amendments that are in force before your examination date.

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Should You Study the Phase 6 Syllabus?

For the July 2026 examination, no.

You should not spend valuable preparation time studying additional topics introduced specifically for Phase 6.

Instead:

• Study the complete Phase 5 syllabus.
• Revise applicable legal amendments relevant to the Phase 5 syllabus.
• Practice as many examination-style MCQs as possible.

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Phase 5 vs Phase 6 – What’s Changed?

Area	Phase 5	Phase 6	Impact
Effective date	1 May 2024	21 Aug 2026	July 2026 exam continues under Phase 5
Cut-off for laws	Updated up to 31 Dec 2023	Updated up to 30 Jun 2026	New amendments become relevant only from Phase 6
Weightages	Broadly unchanged	Broadly unchanged	No major restructuring
Case Studies	Present	Present	Similar pattern
Exam pattern	100 MCQs, 2 hrs, 25% negative marking	Same	No change

The revised syllabus is an evolution rather than a complete redesign.

Chapter	Phase 5	Phase 6	Change
1. Macroeconomics	Present	Present	Updated examples and economic references; no major conceptual additions. (Insolvency and Bankruptcy Board of India)
2. Finance	Corporate finance, time value, portfolio basics	Expanded with deeper coverage of portfolio theory, risk-return, and capital budgeting concepts	Expanded. (Insolvency and Bankruptcy Board of India)
3. Financial Statement Analysis	Ratio analysis, cash flows, accounting	More emphasis on interpretation, credit analysis, and financial modelling	Expanded. (Insolvency and Bankruptcy Board of India)
4. Laws	Companies Act, FEMA, SEBI, Income-tax, IBC	Same laws, but updated to 30 June 2026; includes newer legislative references such as the Digital Personal Data Protection Act where relevant	Updated legal references. (Insolvency and Bankruptcy Board of India)
5. Valuation Standards	IVS and Indian Valuation Standards	Updated to latest IVS and IBBI guidance	Updated. (Insolvency and Bankruptcy Board of India)
6. Valuation Approaches	Income, Market, Cost	Same methods with greater emphasis on practical application	No major conceptual change. (Insolvency and Bankruptcy Board of India)
7. Equity Valuation	DCF, DDM, Relative Valuation	Same methods with more case-based application	No major change. (Insolvency and Bankruptcy Board of India)
8. Fixed Income	Bond valuation	Same	No change. (Insolvency and Bankruptcy Board of India)
9. Derivatives	Options, futures basics	Same	No change. (Insolvency and Bankruptcy Board of India)
10. Business Valuation	Enterprise valuation, goodwill	Same with more practical case studies	Minor enhancement. (Insolvency and Bankruptcy Board of India)
11. Professional Ethics	Code of conduct	Expanded discussion on documentation, independence, conflicts, and quality review	Expanded. (Insolvency and Bankruptcy Board of India)
12. Case Studies	Present	More integrated and analytical	Harder application, not new theory. (Insolvency and Bankruptcy Board of India)

Topics That Remain the Same

Fortunately, the core valuation concepts continue unchanged.

These include:

• Discounted Cash Flow (DCF)
• Dividend Discount Model (DDM)
• Free Cash Flow valuation
• Relative Valuation
• Comparable Company Analysis
• Comparable Transaction Analysis
• Net Asset Value (NAV)
• Bond valuation
• Basic derivatives
• Enterprise valuation
• Financial ratio analysis
• Time Value of Money

These continue to form the foundation of the SFA examination.

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Where Can You Find Amendment Notes for phase 6?

IBBI does not publish a single consolidated amendment booklet for the SFA examination.

Candidates generally rely on:

• Official IBBI notifications
• Registered Valuer Organisation (RVO) study material
• Continuing Professional Education (CPE/CEP) sessions
• Updated coaching notes

Always cross-check that your study material aligns with the syllabus applicable to your exam date.

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Smart Preparation Strategy

A good preparation plan is:

1. Complete the entire Phase 5 syllabus.
2. Revise applicable amendments.
3. Practice topic-wise MCQs.
4. Solve full-length mock tests.
5. Analyse mistakes and revise weak areas.

Many candidates know the concepts but lose marks because they are unfamiliar with the style of IBBI examination questions.

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Why Practice Questions Matter

The Registered Valuer examination is application-oriented.

Simply reading theory is rarely enough.

Regular MCQ practice helps you:

• Improve speed
• Understand examiner expectations
• Identify weak topics
• Build confidence for calculation-based questions
• Reduce negative marking through better accuracy

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Practice with the ProKhata Registered Valuer Question Bank

To help SFA candidates prepare more effectively, ProKhata offers a dedicated question bank designed around the examination pattern.

It includes:

• Chapter-wise practice questions
• Concept-based MCQs
• Calculation-oriented problems
• Revision-friendly practice sets
• Mock exam-style questions
• Coverage aligned with the applicable syllabus

Whether you’re starting your preparation or revising before the exam, practicing quality questions can significantly improve your performance.

Registered Valuer – SFA Class – Question Bank

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Final Thoughts

For candidates appearing in the July 2026 IBBI Registered Valuer (SFA) examination, the key takeaway is simple:

• Prepare according to the Phase 5 syllabus.
• Revise relevant amendments applicable before your examination.
• Focus on conceptual clarity.
• Practice extensively using high-quality MCQs.

Consistent revision and question practice remain the most effective strategy for success.

If you’re looking for a structured way to prepare, the ProKhata Registered Valuer SFA Question Bank can help you strengthen concepts, improve accuracy, and gain confidence before the examination.

Good luck with your preparation!