Regulating 'champions': Accounting, legal education systems need to upgrade

Experts share their take on the key regulatory concerns that need to be addressed to realise the potential of two of these sectors

Accounting and legal services are among the 12 ‘champion’ sectors the government plans to promote through a Rs 50-billion fund. 

In recent years, significant global convergence on accounting and reporting standards has thrown open huge opportunities for Indian businesses and professionals to provide finance and accounting services globally. However, many practitioners feel that certain systemic weaknesses in the regulatory framework have held the profession back when it comes to tapping global opportunities.  
 

“While the Indian chartered accountant is proficient, the Indian degree is not accepted as enabling practice of accountancy in many jurisdictions,” says Dinesh Kanabar, CEO, Dhruva Advisors. 
 

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