India’s CA firms are starting to work together more. With help from ICAI, many firms are joining forces and forming partnerships to build strong Indian firms that can compete with the Big 4.
Vanshika verma | Sep 29, 2025 |
Towards a Desi Big 4: ICAI’s Vision for Building India’s Global Accounting Giants
The Institute of Chartered Accountants of India (ICAI) is creating a digital platform. Chanranjot Singh Nanda, ICAI President, said, “The networking portal will be a crucial step in facilitating the creation of large homegrown firms akin to the Big 4, in sync with the government’s vision.”
He further added that the platform is made to help small and mid-sized CA firms in Pool resources. Leverage each other’s strengths and Broaden their service offerings.
These platforms are important because there’s a lot at stake. Big firms like EY, Deloitte, KPMG, and PwC, along with Grant Thornton and BDO, currently handle the audits for 326 out of 486 companies in the Nifty 500. At the same time, India has over 90,000 CA firms mostly small and independent—that are finding it hard to keep up. Back in June 2025, RBI Governor Shaktikanta Das pointed out the need for change, saying that “Indian firms must be ready to tap into the $240-billion global audit and consulting market“.
ICAI has rolled out several supportive measures to encourage growth, collaboration, and modernisation among CA firms:
1. Simplified Merger & Demerger Guidelines
2. LLP Aggregation Framework
3. Relaxation in Branding & Advertising Norms
4. Draft Rules for Global Tie-Ups
5. GIFT City Provisions
6. New Networking Portal
Despite these challenges, a new wave of collaboration is emerging. Small and mid-sized CA firms are beginning to come together, not under pressure, but by choice. This quiet movement may well lay the foundation for a “Desi Big 4” – Indian firms with the scale, capability, and reach to rival global players.
The “Desi Big 4” is an idea to create big Indian accounting and consulting companies that are as strong and well-known as the global Big 4 firms such as Deloitte, PwC, EY, and KPMG. These Indian firms aim to grow big, have a great reputation, and work with clients all around the world.
2024: Bansi S Mehta merged with Karra & Co., uniting two heritage firms from Mumbai and South India.
2025: Kirtane & Pandit, Guru & Jana, and S S Kothari Mehta joined forces under the ICAI Alliance Model, showcasing a bold step toward structured collaboration.
Past Few Years: Many smaller and mid-tier firms have quietly merged or formed alliances, building stronger, multi-location practices.
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