The Institute of Chartered Accountants of India (ICAI) is making decisive moves to strengthen India’s position in the global financial ecosystem. In collaboration with the International Financial Services Centres Authority (IFSCA), ICAI is positioning GIFT City, Ahmedabad, as a leading hub for Global Capability Centres (GCCs) while also introducing regulatory reforms to expand opportunities for Chartered Accountants (CAs).
ICAI–IFSCA Collaboration: Promoting GIFT City
At the second edition of the GCC summit, “From Ledgers to Global Leadership: Chartered Accountants Shaping GCCs,” ICAI and IFSCA announced joint efforts to enhance GIFT City’s ecosystem.
Focus of the summit: To highlight how CAs can drive the GCC growth story in India.
Participation: Policymakers, global investors, and industry leaders discussed India’s strategic advantages in building world-class financial and capability centres.
Current growth: GIFT City already hosts around 20 technology firms and 10 accounting/bookkeeping firms, with more expected to follow.
ICAI President Charanjot Singh Nanda emphasized the evolving role of CAs as leaders in business transformation, while IFSCA Chairman K. Rajaraman underlined the city’s rapid emergence as a global services hub.
Regulatory Reforms: Enabling Global Practice for CAs
Key Changes
Mirror Firms Permitted
- CAs can now establish mirror firms in GIFT IFSC while retaining their domestic exclusivity.
- This addresses the earlier restriction that prevented CAs from joining multiple firms without losing eligibility for RBI and CAG empanelments.
Dual Certificates of Practice (COPs)
- Indian CAs can now obtain dual COPs, opening practice rights in countries such as the UK, Australia, Canada, and New Zealand.
- This reform removes geographical barriers for Indian professionals and expands their global reach.
Strategic Investments
For Firms: CA firms can maintain their domestic presence while building an international base at GIFT IFSC.
For Professionals: More opportunities for Indian CAs to practice abroad and participate in global financial ecosystems.
For India’s Economy: Strengthening GIFT City’s position as a world-class financial hub will attract global investment and talent.
ICAI President Nanda projected that while India currently has about 4.5 lakh CAs, the demand is expected to rise to 30 lakh by 2047, making reforms and GCC growth crucial to meeting future needs.
- Digital assets for enhanced client services
- Innovation hubs to foster cutting-edge solutions
- Regional delivery centers for scalable operations and client engagement
Conclusion
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