Senior Congress MP Vivek K. Tankha on Thursday strongly advocated for a dedicated "CA Protection Act" in Parliament, stating that India's nearly 5 lakh Chartered Accountants are facing increasing professional risks, privacy concerns and disproportionate scrutiny from investigative agencies.
Raising the issue during a parliamentary intervention, Tankha said the CA fraternity including over four lakh Indian professionals working abroad, serves as the "gatekeepers of Indian businesses" and plays a decisive role in executing major government reforms.
CAs Implement What Governments Announce
Emphasising the profession's institutional importance, Tankha observed that while governments announce transformative economic measures, Chartered Accountants ensure their practical implementation.
Referring to the rollout of the GST and earlier reforms such as demonetisation, he noted that CAs worked extensively with businesses and citizens to interpret complex provisions, complete compliance formalities and stabilise operational systems.
"There were so many forms, so much law, so many rules, the common man didn't even know. It was the CAs who made it work," he said, underlining the profession's contribution to policy execution.
Demand for Legal Safeguards for Chartered Accountants
Tankha argued that despite their central role in the financial ecosystem, Chartered Accountants increasingly feel vulnerable, particularly regarding client confidentiality and agency action.
Citing recent judicial observations by the Supreme Court of India, he stated that professionals cannot be held automatically liable for documents provided by clients without independent verification.
"You don't verify every document that your client gives you. Time has come for a CA Protection Act, like the laws that protect lawyers and doctors," he asserted.
According to Tankha, such legislation would:
- Protect professional independence
- Strengthen confidentiality safeguards
- Ensure due process in investigative proceedings
- Restore confidence within the CA community
Concerns Over Big Four Firms' Market Dominance
The Congress MP also raised structural concerns about the dominance of multinational audit giants - Deloitte, PwC, Ernst & Young and KPMG in India's audit and consulting landscape.
He pointed out that while India has nearly one lakh CA firms, most operate on a modest scale and rarely exceed Rs 10 crore in annual turnover. In contrast, large multinational networks secure mandates worth thousands of crores.
Tankha suggested that high-value public and private sector mandates are often structured in ways that limit participation by domestic firms. He urged policymakers to create an enabling framework that supports Indian CA and law firms in scaling operations and competing at par with global players.
"It is high time that we encourage our own CA and law firms to become big. That is how you reduce the influence of these Big Four firms," he said.
Role of Indian CAs Abroad
Highlighting the global footprint of Indian professionals, Tankha noted that thousands of Chartered Accountants working overseas, particularly in West Asia contribute significantly to cross-border business flows and investment into India.
"These people are your biggest support. They bring business and money into India. They plan for you, they work for you, they think for you," he remarked.
A Broader Call for Structural Reform
Tankha framed his intervention as both a matter of professional dignity and economic sovereignty. He urged the government to consider structural reforms that would protect the CA community while promoting fair competition in the professional services sector.
His key demands included:
- Introduction of a CA Protection Act
- Safeguards for confidentiality and due process
- Policy support to help domestic CA firms scale up
- Measures to reduce over-concentration of mandates among global audit networks
With the debate now placed on record in Parliament, the issue of professional protection and competitive balance in India’s audit ecosystem is likely to gain wider policy attention in the coming months.
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