Chartered accountants' apex body ICAI on Wednesday notified the global networking guidelines, paving the way for creating large home grown domestic chartered accountant firms wherein they can also collaborate with global networks.

The guidelines would also bring the working of "Global Networks of Chartered accountants (or equivalent in respective jurisdictions) under the regulatory jurisdiction of ICAI in so far as their Indian operations are concerned", according to the notification.

The move also assumes significance against the backdrop of larger government efforts to have homegrown big accounting firms that can help create more opportunities in the country's growing economy and also compete at the scale of global players.