MCA Calls For Stakeholder Inputs On Multi-Disciplinary Partnership Firms Formation

The Ministry of Corporate Affairs (MCA) has invited stakeholder comments on allowing multi-disciplinary partnership (MDP) firms that bring together professionals such as chartered accountants, company secretaries, lawyers, and actuaries under one structure.

At present, several restrictions prevent such firms. The ministry has asked for suggestions by September 30, along with inputs on challenges faced by domestic firms and possible amendments to laws, rules, and regulations. According to Prime Database, global networks such as EY, Deloitte, KPMG, PwC, Grant Thornton, and BDO dominate India’s audit landscape, handling 326 of the 486 Nifty-500 companies as of March 2025. The MCA said it is working on reforms to strengthen Indian firms and enhance global competitiveness. The background note highlights issues, including regulatory overlaps, advertising restrictions, procurement policies, and limited global collaboration, which currently constrain Indian firms from becoming full-service entities.