Amendment May Allow Large Consultancy Firms to Register in India

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Feb. 26 – A proposal to amend bills governing chartered accountants, cost accountants and company secretaries during India’s Budget session may allow large consultancy firms to register in the country.

Changes will be made on the Institute of Chartered Accountants of India Act, the institute of Company Secretaries of India Act and the Institute of Cost & Works Accountants of India Act that will  allow professional bodies from various fields to form Limited Liability Partnerships (LLPs).“We are hopeful that the three Acts would be placed for amendment in this Budget session,” ministry of corporate affairs secretary R. Bandyopadhyay said in a statement.

The LLP law was introduced in India last year as a structure with a separate legal entity where a partners’ liability is limited to the extent of their stake.

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