Government seeks Parliament amendment to boost domestic consulting competition
What happened
The Government of India is pushing regulatory changes to help domestic firms compete with global Big 4 firms like Deloitte and KPMG. The Ministry of Corporate Affairs is reviewing proposals that aim to allow domestic networks to onboard multidisciplinary professionals, such as advocates and engineers. If the corporate Act is amended, the final decision will be taken by Parliament.
From indiatimes.com
Why it matters
The move aims to help domestic firms scale up and capture a share of the $240-billion global auditing and consultancy market. The expanded framework seeks to widen service capabilities and create firms of greater institutional scale within India.
From indiatimes.com
Who's involved
- Ministry of Corporate AffairsMinistry of Corporate Affairs is reviewing regulatory changes to facilitate domestic firm growth.
- Government of IndiaGovernment of India is pushing the regulatory push to boost domestic competition.
- parliamentParliament will decide on the suggestions if the corporate Act is amended.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
How this reaches others
Each traced step by step, with the reporting behind itKeep exploring
The entities involved
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Deloitte
multinational professional services network founded in 1845
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KPMG
provider of audit, legal, tax advisory, financial, and business advisory services
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parliament
legislative body of government
Related events
- An AG coalition is investigating the Big Four accounting firms, including Deloitte.
- Big Four push for accounting firm market share.
- BDO, Deloitte, and KPMG are navigating a competitive landscape where they are gaining mandates from Big Four rivals while simultaneously facing scrutiny over audit quality failures.