Centre Wants Antitrust Body to Review 'Big Four' Auditors, See If They’re Hurting Competition: Report
The Competition Commission of India needs to conduct a survey or an investigation to assess whether the Big Four — PwC, EY, Deloitte and KPMG — are abusing their dominant position in the Indian audit market.
File Photo of Fair trade regulator Competition Commission of India.
New Delhi/Mumbai: The Indian government wants the country’s antitrust body to assess whether the so-called ‘Big Four’ auditing firms and their affiliates are hurting competition in any manner, a senior government official told reporters.
The Competition Commission of India (CCI) needs to conduct a survey or an investigation to assess whether the Big Four — PwC, EY, Deloitte and KPMG — are abusing their dominant position in the Indian audit market, said the official, who spoke about the matter on condition of anonymity.
The Ministry of Corporate Affairs, which holds that view, is yet to send any formal request to the CCI to probe the matter, said the official.
“If you look at the top 500 companies in India, they are totally dominant and the Big Four seem to be sharing the work ... whatever be the reason there seem to be entry barriers,” the official told reporters. “The CCI should look into dominance of these four global auditors and whether they are thwarting competition.”
The CCI and the four auditors did not immediately respond to a request for comment.
The ‘Big Four’ do auditing work for almost 60 per cent of the top 500 companies that trade on the National Stock Exchange (NSE), according to corporate data tracker NSE Infobase.
Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.
Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.
|Dr Reddys Labs||2,560.35||2.72|
|Power Grid Corp||207.55||-1.70|
Recommended For You
- Couldn't Have Dreamt the Blessings God Showered on Me: Kohli
- Maruti Suzuki Can't Afford to Discontinue Diesel Cars in India – Here’s Why
- Did 'Sacred Games' 2 Have an Obvious, Glaring Error in its Season Finale Episode?
- Shraddha Arya Suffers Head Injury While Performing on Nach Baliye 9, Actress Momentarily Blacks Out
- PV Sindhu Chases Elusive Gold at BWF World Championships