The Indian government is expected to finalise a comprehensive plan to revamp regulations, aiming to foster the establishment of large audit and consultancy firms similar to the Big Four, by the March 2026 quarter, reported Economic Times, citing sources  

Recent statistics reveal that fewer than 1% of accounting firms in India have more than ten partners, highlighting the need for such reforms. 

“Necessary regulatory changes could be finalised this fiscal itself,” one of the sources said.  

A committee headed by corporate affairs secretary Deepti Gaur Mukerjee is currently examining the regulatory obstacles that prevent domestic firms from scaling up and is expected to publish its findings shortly. 

The government intends to first modify relevant legislation, with regulatory adjustments to follow, it added.  

Current data from the Institute of Chartered Accountants of India (ICAI) shows that out of 100,138 registered chartered accountancy firms, only 459 have more than ten partners, and just 13 have more than 50 partners. 

These 459 firms employ about 15% of the total workforce in the sector, which includes partners and paid assistants. 

The top 13 accounting firms employ approximately 7% of the total number of partners and paid assistants, with 1,349 partners and 11,543 paid assistants among them.  

Discussions on facilitating the growth of large domestic firms were held last month by Shaktikanta Das, principal secretary-2 to the prime minister, along with senior officials from the finance and corporate affairs ministries. 

A strategy is being considered to relax rules and regulations to enhance the consolidation of local accounting firms, the news publication said.  

This also includes the creation of multidisciplinary partnership firms, enabling easier partnerships with global firms, and allowing these firms to operate and market themselves more freely.  

The corporate affairs ministry has recently called for stakeholder input on allowing multidisciplinary partnership firms, which would enable professionals from various fields to work together within one firm.  

The ministry’s memorandum also pointed out several impediments in the current system, such as the prohibition on advertising, disparate licencing regulators, restrictive public procurement practices, and limited international collaboration. 

In August 2025, the ICAI Dubai Chapter organised an event focused on India’s ambition to create consulting firms that can compete globally.  

ICAI chairman Jai Prakash Agarwal highlighted the need for India to enhance its consulting sector.