Regulations to be eased to create India’s Big Four

IN ITS BID to catalyse the growth of Indian audit and advisory firms and making a few of them big enough even to rival the Big Four, the government is considering a slew of regulatory relaxations.

- MANU KAUSHIK

These include easing curbs on advertising by professional service providers like chartered accountants (CAs), lawyers and company secretaries, and allowing them to engage in brand-building.

A proposal to restrict the participation of foreign advisory firms in government contracts is also under active consideration.

According to sources, these and other measures aimed at accelerating the growth and reach of Indian audit and advisory firms were taken up at an inter-ministerial meeting held on Tuesday at the Prime Minister's Office (PMO).

Another focus area is to aid capacity-building by professional institutes like the Institute of Chartered Accountants of India (ICAI), the Institute of Company Secretaries of India (ICSI) and the Institute of Cost and Works Accountants of India (ICWAI).

AMENDMENTS IN THE Public Procurement (Preference to Make in India), Order 2017, and changes in the Companies Act, 2013, to allow the creation of multi-disciplinary partnership (MDP) firms are found to be necessary, the sources said.

"Professionals like chartered accountants, company secretaries, and lawyers are not allowed to advertise which is affecting their ability for brand-building and compete with top global advisory firms.