India Plans LLP Act Changes to Boost Domestic Audit Firms

India is planning amendments to the Limited Liability Partnership (LLP) Act to strengthen domestic audit firms, enabling them to compete with global giants like the Big Four. The initiative, driven by the Ministry of Corporate Affairs in collaboration with the Institute of Chartered Accountants of India (ICAI), aims to make it easier for accounting firms to merge, scale up, and better serve the growing economy. Proposed changes include extending the post-merger separation period and allowing LLPs to retain their names if separated later, fostering collaboration while maintaining firm identities. These reforms are expected to be introduced in the winter session of Parliament.