Shared by CA. Pramod Jain 2nd October 2023,

Transcript:Shared by CA. Pramod Jain 2nd October 2023,:
Shared by CA. Pramod Jain 2nd October 2023, ICAI-CMP, Jaipur Networking: Connect Share and Grow NETWORKING: Connect Share & Grow MDP Guidelines for formation of multidisciplinary partnership came into force w.e.f. 8th July, 2021 and amended in September 2023 Members of following professional bodies have been permitted to become a partner under Regulation 53B as on date: Company Secretary, Member, ICSI; Cost Accountant, Member, The Institute of Cost and Works Accountants of India; Advocate, Member, Bar Council of India; Engineer, Member, The Institution of Engineers, or Engineering from a University established by law or an institution recognized by law; Architect, Member, The Indian Institute of Architects; Actuary, Member, The Institute of Actuaries of India. MDP Amendments: No need to change name if converted into MDP Annual KYC of non- CA by HI Non- CA not to become member of more than 1 CA MDP Situation when no non-CA left in MDP (30+30 days) Merger / Demerger of MDP enabled 5 CONCERNS RELATING TO GROWTH OF INDIAN CA FIRMS Majority CA firms are SMPs Large number of firms have confined practice to audit and taxation Many firms have audits allotted through the ICAI-PDC empanelment process Attachment with firm name dissuades Merger or network due to fear of loss of identity Client switches over to larger firm when his business needs increase Need of the hour is to venture into non-traditional practice areas, specialism and forming large structure by networking NETWORKING To enable Indian CA Firms to Grow Stronger by Coming Together; Pooling Resources & Expertise; and Build a PAN India Presence. To enable Indian network firms to tap global opportunities by growing big without compromising with their identity. NETWORKING BENEFITS NETWORKING 8 Networking per-se may not create new professional opportunities instantly. The individual firms in network have to put their efforts to grow / add clientele etc. Initially tangible benefits may not be visible, but eventually, if the model succeeds, the firms will stand to gain substantially. MODELS OF NETWORKING 9 Registered | Not Recognised | Partially Regulated MODELS OF NETWORKING Registered | To be Recognised | Regulated ALLIANCE MODEL – A Name will be “ABCD” or “ABCD & Alliance” ICAI will register and allot Alliance Registration Number (ARN) Constituent firms can carry on practice as independent firms Display of Alliance name in professional stationery permitted Firms of one Alliance cannot become Member of another Alliance or a Network Firms in