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There appears to be some resentment among the Indian Chartered Accountants at the entry of multinational Chartered Accountant firms and they feel that they are being marginalised.

With the opening up of the economy, foreign investors have spread their wings in a big way and have brought with them foreign CAs.

Instead of blaming the MNCs, it is the rules that govern the functioning of the consultancy firms that have to be held responsible.

For instance, as per the current procedure, a partner of the firm is permitted to keep 10-12 accounts, that is, the partner can handle 12 companies.

If the firm has more than one partner, then quite a few firms will be notched up by them.

To ensure a fair deal for the local CA firms, this rule needs to be amended in such a manner that a consultancy firm can have only a fixed number of accounts, irrespective of the number of partners.

In this manner, there can be a level-playing field even for the locals.

V. S. Jayaraman

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