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The CA institute has finalised new networking rules in a liberal form, its new President, Mr G. Ramaswamy, has said.
“Earlier, there were certain compliance-related impediments. The council has now approved changes to ensure better compliance”, Mr Ramaswamy said here.
The ICAI President said that the institute wants to frame rules in such a manner that it can be complied with by firms.
“After this (new networking rules), I expect more compliance and more consolidation”, he said.
Mr Ramaswamy said that small and medium practitioners have to merge or combine together if they are to get a larger share of work in a growing economy such as India.
“They (small and medium practitioners) have to look at providing multi-disciplinary services within a firm. Limited liability partnership (LLPs) would pave the way for including all the other disciplines in a firm so that umbrella services can be rendered by the CA firms”.
He expressed confidence that the law to allow CA firms to function as LLP would soon be passed by Parliament.
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