According to the information furnished by the Institute of Chartered Accountants of India (ICAI) a High Power Committee (HPC) appointed by them for examining the operation of Multinational Network Accounting Firms (MNAFs) in India, has observed, that certain Indian CA firms and private limited companies associated with them pose as if, they are actually MAFs in India whereas to the ICAI/regulators, report themselves purely as Indian CA firms having no relationship with foreign entities.
Also, the HPC report contains an observation to that effect.
The Ministry has not received any recommendation from ICAI for taking action against any firm.
This information was given by the Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh in the Rajya Sabha today in reply to a written question.