Financial Daily from THE HINDU group of publications
Thursday, Feb 05, 2004
Financial Daily from THE HINDU group of publications Thursday, Feb 05, 2004 |
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Industry & Economy
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Events ICAI told to allow free maraket regime Our Bureau
Mr N.R. Narayana Murthy, Chairman and Chief Mentor, Infosys Technologies Ltd (right), with Mr R. Bhupathy, President, ICAI, at the 54th annual function of the ICAI in the Capital on Wednesday. — Ramesh Sharma
New Delhi , Feb. 4 THE Infosys Chief Mentor, Mr N.R. Narayana Murthy, has advised the Institute of Chartered Accountants of India (ICAI) to guard against protectionist policies. He has also urged the institute to promote a free-market regime for its members. Addressing the 54th annual function of the ICAI here, Mr Narayana Murthy said that ICAI should open the door for foreign firms to come and practice in India. It should also create opportunities for Indian chartered accountants to practice in foreign markets. "The institute should build global competitiveness in its members," he said. He underscored the need for removing "restrictive policies" as they "prevent us from creating global corporations." In his address, the outgoing President of the ICAI, Mr R. Bupathy, expressed concern over the proposed move of the Government to dilute the autonomy enjoyed by the institute. "We are disturbed that the autonomy of the institute is sought to be taken away by legislation. We will ensure that such a dilution does not take place," Mr Bupathy said. The Government had introduced a Chartered Accountants (amendment) Bill 2003 in the Rajya Sabha.
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