Indian Govt’s Big Four Roadmap to Be Finalised by End of FY26

A central government committee tasked with overhauling regulations to help establish large audit and consultancy firms is expected to release its recommendations by the end of the financial year 2025–26 (FY26). These recommendations are seen as a roadmap for India to build its own version of the Big Four firms, EY, Deloitte, KPMG and PwC.

According to an Economic Times report, the committee, led by Corporate Affairs Secretary Deepti Gaur Mukerjee, is examining the regulatory hurdles that have constrained the growth of domestic auditing and consultancy firms. The panel is expected to submit its report soon.

Citing sources, the report said that the necessary regulatory changes could be implemented within this financial year. The government plans to first amend the relevant laws, followed by adjustments to supporting regulations.

As part of its broader roadmap, the government is exploring measures to ease rules and encourage the merger and expansion of Indian accounting firms. This includes enabling multidisciplinary partnership firms, simplifying tie-ups with global players, and allowing firms greater flexibility to operate, advertise, and raise capital.

In September, the Ministry of Corporate Affairs issued an office memorandum seeking public feedback on permitting multidisciplinary partnerships that bring together professionals from accounting and consulting backgrounds under a unified structure — a practice currently restricted under existing norms.

The memorandum also highlighted several systemic barriers, including a ban on advertising and marketing, fragmented regulatory oversight across professions, limited access to public procurement and empanelment, and weak international collaboration.

This renewed push for the accounting and consultancy industry follows Prime Minister Narendra Modi’s revival of his call to create India’s own version of the Big Four firms earlier this year. However, this was not the first time.

In 2017, during Chartered Accountants’ Day, he had urged the creation of India’s own Big Four companies by 2022, coinciding with the 75th anniversary of India’s independence. Scaling up is seen as crucial for Indian firms to tap into the $240 billion global auditing and consulting market. International firms and their affiliates audited 326 of the 483 Nifty 500 companies in FY25, underscoring India’s heavy reliance on foreign players.