The Institute of Chartered Accountants of India (ICAI) is preparing to approach the government with proposed amendments to the Chartered Accountants Act, according to people familiar with the development.
The proposed legislative changes are intended to support the growth of larger Indian accounting and consulting firms capable of competing more effectively in international markets. The initiative follows discussions at the Prime Minister’s Office regarding potential regulatory adjustments aimed at strengthening domestic professional enterprises.
As part of the proposed reforms, ICAI is also considering revisions to networking arrangements and professional practice guidelines. These changes could facilitate broader collaboration among accounting professionals and contribute to the development of larger, more competitive professional service organisations in India. CASansaar
The proposals remain subject to government consideration and the applicable legislative process.