Professional Opportunities for CAs in MSME Listings, Funding, and Indian Capital Markets
India has been among the world’s fastest-growing economies in recent years. Although its market returns have lagged over the last couple of years, India remains one of the most diversified capital markets globally in terms of investible sectors. In contrast, the indices of the best-performing emerging markets over the same period, such as South Korea and Taiwan, are heavily concentrated in a handful of stocks linked to technology, AI and semiconductors. Indian markets, by comparison, offer a balanced mix of companies across industries and market capitalisations.
India’s multiple economic tailwinds will, in time, be reflected in the performance of its capital markets. The Chartered Accountants’ (CA) fraternity sits at the very centre of this ecosystem of economic and capital market growth, with services ranging from maintaining books of accounts and auditing financials to leading large businesses as CFOs and CEOs.
As India moves from a developing towards a developed economy and its capital markets mature, MSMEs will play a pivotal role in the journey. According to the Economic Survey 2025-26, MSMEs account for 35.4 per cent of manufacturing, 48.58 per cent of exports and 31.1 per cent of GDP, underscoring their importance to India’s growth. Over the last couple of years, a growing number of MSMEs have emerged from small towns and cities across the country, while the availability of patient capital and investor appetite for the start-up ecosystem and the MSME segment have both risen.
CAs are closely connected with MSMEs at every stage, from business registration, accounting and audits to tax payments and filings, and form an integral part of the MSME ecosystem. The CA fraternity plays an important role in identifying and addressing the gaps, weaknesses and pain points of traditionally run businesses, helping transform them into well-organised, professionally managed enterprises with strong systems and IPO readiness. In other words, through professional knowledge and multidisciplinary expertise, CAs help businesses create value by formalising processes, and then unlock that value through IPOs, M&A transactions and similar events.
This article briefly summarises the avenues of professional opportunity through which we, as Chartered Accountants, can contribute to economic activity around the capital markets, specifically in helping MSMEs raise funds and list.
1. Accounting and financial reporting: Capital markets run on the financial performance of companies, and investor trust in financial statements rests on the professionals who prepare, audit and approve them – the Chartered Accountants’ community. This is the starting point of the journey into the capital market ecosystem and of the CA’s involvement in it, from preparing financial statements to auditing them. Every decision in the capital markets relies, directly or indirectly, on these financials.
2. Statutory & Internal Audit: Internal controls and audit, a branch of financial reporting, play an equally critical role. Robust financial reporting requires strong internal controls and internal audit; stronger controls and well-documented audit processes lower the risk of material misstatement. Advisory on setting up internal controls that remain effective as the business grows in size and scale, together with internal and statutory audits of MSMEs, are therefore primary domains in which CAs have significant opportunity to build their3 niche.
3. Taxation: filings & payment – Taxation covers income tax, GST, customs duties, state taxes and industry-specific duties. India’s tax system is more complex than those of developed nations, offering taxpayers multiple options, each with attached terms and conditions. Navigating this landscape requires Chartered Accountants to ensure that tax liabilities are duly discharged, which minimises revenue leakage for the exchequer while ensuring compliance and reducing future litigation risk.
4. Compliances – Every corporate must file Income Tax Returns at the very least. With the expanded scope of GST, most must also file monthly and annual GST returns, besides numerous industry-specific compliances. Execution may be handled by professionals such as Company Secretaries and engineers, but a Chartered Accountant is ultimately required to vet and confirm that all statutory requirements have been met. These are generally verified during internal and statutory audits.
5. Fund raise – Funds can be raised through multiple types, lifecycle stages and methods: (i) debt or equity; (ii) lifecycle stage – angel round, seed round, pre-IPO, IPO, QIP, preferential allotment or rights issue; and (iii) private or public market. Irrespective of the nature of the fund raise, each instance involves due diligence of financials, clarity on the purpose of the raise, valuation and preparation of projected financial performance. Chartered Accountants play a key role at every stage, from the founders’ ideation to listing on the bourses and beyond.
6. Transactions advisory & Financial Due Diligence – Over the lifecycle of a business, events such as restructurings, mergers, acquisitions and spin-offs take place for various reasons. These transactions are complex and require professional guidance and advice for smooth execution. They involve a range of activities – preparation of financials, due diligence, valuations, regulatory filings and compliances – each requiring the active involvement of Chartered Accountants for proper completion. Transaction advisory and Financial Due Diligence (FDD) hold significant growth potential for the CA community.
7. Investment Management & Entrepreneurship – Who better than Chartered Accountants to manage investments? The ability to read companies’ financials, understand business dynamics and interpret them well makes the CA community a strong contender for investment management roles. Investing relies on financial analysis, financial modelling and forecasting, valuation and professional judgement, all of which CAs apply across their professional lives. This holds especially for (i) MSME investing and (ii) entrepreneurship, where professional judgement and the ability to interpret business dynamics are critical given the risks involved. CAs have an edge in both.
8. Merchant Banking & Other Market Intermediaries – Capital markets depend on multiple intermediaries – sell-side firms, brokers, registered valuers, merchant bankers and investment bankers – each critical to their functioning. Merchant banking is one of the core activities in the listing of MSMEs on the stock exchanges. These roles require a thorough understanding of company fundamentals, financial statement analysis, valuation and multiple industry dynamics. Chartered Accountants are well suited to all of them, owing to their exposure to these subjects throughout the CA curriculum and their professional network.
9. Corporate Leadership & Governance – Chartered Accountants make effective leaders as CFOs, CEOs, Business Heads, Strategy Heads, and partners at leading CA and law firms. Such roles demand a strong finance knowledge base, attention to detail, sound decision-making and, to a great extent, foresight. These attributes are developed through the rigour of articleship, exam preparation and the practical experience and insights gained among a competent circle of professionals.
Regulatory and governing bodies such as SEBI, and stock exchanges such as NSE and BSE, also need Chartered Accountants in various roles: monitoring the capital markets, developing guidelines and regulatory frameworks that meet global standards, and tracking the changing dynamics across the economy, capital markets and technology so that they can be implemented quickly in the domestic capital markets and economy.
The Chartered Accountancy course is widely regarded as one of the toughest professional commerce courses globally, and rightly so. Its rigour throughout the course, together with practical exposure during articleship, produces professionals with a strong knowledge base and confidence, who can adapt to fast-changing circumstances and take on any role the situation requires.
Capital markets are integral to the economy and its growth, and MSMEs are an important pillar of those markets. MSMEs will contribute substantially to the growth of the Indian economy and capital markets, and there are ample opportunities for our Chartered Accountants’ community to be part of this journey. It is often said that NETWORK IS THE REAL NET WORTH – and who better than the CVOCA Community to understand this! Let us, as Chartered Accountants, play our part to the fullest in the MSME boom that India is set to witness in the coming decade!
[The author can be reached at vishariayash@gmail.com]