Overview

• The Prime Minister’s Office convened on June 5 to explore creating large Indian advisory firms capable of challenging Deloitte, EY, KPMG and PwC
• Participants included secretaries from the ministries of corporate affairs, revenue, financial services and economic affairs alongside Economic Advisory Council member Sanjeev Sanyal
• Officials targeted reforms to facilitate overseas network creation and tackle the 51% local-voting requirement that restricts Indian CA firms’ global operations
• The Big Four and peers Grant Thornton and BDO currently audit 326 of the 486 Nifty-500 companies and generated over Rs 45,000 crore in combined revenue in the last fiscal
• The Institute of Chartered Accountants of India approved draft guidelines for overseas networks, with public exposure set to follow to spur growth of domestic firms