India could soon have its own multidisciplinary majors like Ernst & Young and PricewaterhouseCoopers.

A bill likely to be cleared by Parliament will give the go-ahead for limited liability partnerships, while professional bodies including the Institute of Chartered Accountants of India (ICAI) are working towards the formation of multi-disciplinary partnerships.

MDPs can offer services from chartered accountants, company secretaries, engineers, architects and MBAs under one roof, to cater to the rapidly globalising corporate sector, says the Times of India.

‘Bigger firms like E&Y, KPMG, etc. have hundreds of partners. The LLP bill
will help us to have bodies on the same lines,’ said Sunil Talati, past
president of the ICAI. ‘Who knows, tomorrow we have global firms from
India like 'Shahs and Talatis' to challenge the Big 4.’

The LLP Bill would enable professionals from various disciplines to set up partnerships without having to commit all their assets to the venture, unlike a
traditional partnership.

These firms will also be free to have foreign partners to help win business from developed markets. Apart from guarding against unlimited liability, LLPs would also enable firms to have unlimited partners (against the present cap of only 20) that
would help have a number of professionals from diverse fields.

‘Efficiency in professional services requires a one-stop departmental
service firm where multiple expertises derive mutual synergies.’ said Preeti
Malhotra, council member of the Institute of Company Secretaries (ICSAI). ‘A pool of multiple expertises is a call of the day if professional services are to
be cost effective as well as proficient and client friendly.’.

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