New Delhi: The Institute of Chartered Accountants of India (ICAI) is working on a "strategic digital platform" that would facilitate professional networking and help thousands of accounting firms explore mergers and tie-ups to grow in size.
ICAI president Charanjot Singh Nanda told ET that the networking portal will be a crucial step in facilitating the creation of large home-grown firms akin to the Big Four, in sync with the government's vision. The Big Four-EY, Deloitte, KPMG and PwC-along with Grant Thornton and BDO, at present dominate India's audit ecosystem, with their affiliates having handled assignments of 326 of the 486 Nifty-500 companies as of March 2025, according to a primeinfobase.com report.
The ICAI portal will help accounting firms-especially small- and mid-sized ones-share resources, leverage complementary strengths and expand practice areas and service offerings.
A key objective of the portal is to "bridge geographical and informational gaps, particularly benefiting chartered accountants in remote areas," Nanda said.
Prime Minister Narendra Modi had earlier called for the creation of at least four large domestic firms that would be counted among the world's top eight.
In June, the Prime Minister's Office held a meeting to deliberate on creating a system where CA firms would be encouraged to pursue expansion. Nanda said the ICAI is also in the process of finalising its overseas networking guidelines for domestic CA firms. The norms will enable these firms to tie up with their global peers and set up units in India, ET had earlier reported.
ICAI president Charanjot Singh Nanda told ET that the networking portal will be a crucial step in facilitating the creation of large home-grown firms akin to the Big Four, in sync with the government's vision. The Big Four-EY, Deloitte, KPMG and PwC-along with Grant Thornton and BDO, at present dominate India's audit ecosystem, with their affiliates having handled assignments of 326 of the 486 Nifty-500 companies as of March 2025, according to a primeinfobase.com report.
The ICAI portal will help accounting firms-especially small- and mid-sized ones-share resources, leverage complementary strengths and expand practice areas and service offerings.
A key objective of the portal is to "bridge geographical and informational gaps, particularly benefiting chartered accountants in remote areas," Nanda said.
Prime Minister Narendra Modi had earlier called for the creation of at least four large domestic firms that would be counted among the world's top eight.
In June, the Prime Minister's Office held a meeting to deliberate on creating a system where CA firms would be encouraged to pursue expansion. Nanda said the ICAI is also in the process of finalising its overseas networking guidelines for domestic CA firms. The norms will enable these firms to tie up with their global peers and set up units in India, ET had earlier reported.
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