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Both the Houses of Parliament, i.e., Rajya Sabha (on December 12, 2011) and Lok Sabha (on December 19, 2011) have passed Chartered Accountants (Amendment) Bill, 2010, Company Secretaries (Amendment) Bill, 2010 and Cost and Works Accountants (Amendment) Bill, 2010 which are awaiting assent of the Hon'ble President of India. It will enable members of the CA/CWA/CS Institute to form LLPs and multidisciplinary partnerships subject to notification of the relevant provisions, after the assent of the President of India and issue of guidelines for multidisciplinary partnerships by the respective Councils.

Accordingly the definition of Firm, Partner, Partnership, have been modified in each of these Bills to include the Limited Liability Partnerships suitably.

The Bills will enable the members of ICAI, ICSI and ICWAI to form LLPs and work together under one roof. This will pave the way for a consolidation of so many professional firms, help them to grow exponentially and expand in scale and operations and have savings in cost by way of infrastructure. This would also enable them to have a global presence very quickly and offer services of varied disciplines under one roof. Thus the country would achieve leadership position in the services sector.

However, each of these professions will be governed by their own parent institute and the respective institute can take action against them in case of wrongdoing.

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