‘ICAI keen to lead multidisciplinary practice firm initiative’

Institute of Chartered Accountants of India (ICAI) president Charanjot Singh Nanda has said that ICAI is keen on leading the initiative of setting up an Indian multidisciplinary practice (MDP) firm and there is a need for cultural change among professional services firms.

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In an interview with Ruchika Chitravanshi in New Delhi, he said the institute will bring out networking guidelines and share its inputs on Company Law amendments with the Ministry of Corporate Affairs (MCA) soon. Edited excerpts:

What role would ICAI play in realising the government’s ambition of creating an Indian MDP firm that can compete with the Big Four?

We have held various meetings and given our inputs to the Ministry of Corporate Affairs. The government is speaking to advocates as well. We are seeing what changes need to be made in the regulations. There has to be availability of funds, technology and training initiatives. We are bringing out the networking guidelines soon on which we have received 850 comments. There is a need for cultural change. We are always there to assist the government. All institutions will have to align their vision with the government.

Just like professions, do you think all institutes also need to come under one umbrella for an MDP firm?

There could be a separate regulator for this. We will cross that bridge when we come to it. MCA is the governing ministry for this.

I am keen to see ICAI do it but the government has to take that call. We are fully empowered to lead this initiative once it is assigned to us.