Stating this at the fifth international accounting conference organised by Indian Accounting Association Research Foundation here on Saturday, Mr Khanna said ICAI is in favour of formulating accounting standards that are on a par with Indian standards and at the same time tailored to suit Indian conditions. "If Sebi is not satisfied, Sebi is free to set their own standards, but that does not mean that we will do whatever the market regulator desires us to do," he added.