Ernst & Young, another accounting firm, came second in a close contest for this coveted assignment. Officials said that the new auditors would be required to complete all formalities related to switching of MTNL accounts to the generally accepted accounting practices (GAAP), which is mandatory for listing on the NYSE. MTNL board had on Monday approved the listing of company stocks at NYSE by converting its Global Depository Receipts into American Depository Shares by March 15.

The board also approved engagement of the services of the ICICI as advisor for listing on the NYSE.