New Delhi: Regulations against raising private equity and restrictions in forming multi-disciplinary partnerships (MDP) are among the key impediments preventing domestic consulting and auditing firms from expanding and competing with the Big 4, Charanjot Singh Nanda, president of the Institute of Chartered Accountants of India (ICAI) told ThePrint.

The Modi government is currently working on regulatory reforms to promote domestic consulting firms amid US tariff challenges and growing asymmetry in India’s professional services landscape which is dominated by the Big 4—Ernst & Young (EY), Deloitte, PriceWaterhouseCoopers (PwC) and KPMG.

Last month, a high-level meeting chaired by Principal Secretary to the Prime Minister Shaktikanta Das along with officials from ministries of corporate af

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