A social media post by a Delhi-based Chartered Accountant has ignited a fierce debate over the “frugality” of the ultra-wealthy. CA Nitin Kaushik took to X (formerly Twitter) to share an amusing, yet polarizing, encounter with a High Net Worth Individual (HNI) client who negotiated a discount despite an eight-figure valuation.
The Negotiation
According to Kaushik, the client approached him for a Net Worth Certification required for a brokerage firm (Upstox).
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The Asset Portfolio: The client’s wealth, totaling ₹11.4 crore, is spread across multiple small plots of land nationwide, startup investments, and various partnerships.
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The Quote: Kaushik quoted a professional fee of ₹1 lakh.
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The Bargain: Despite his massive holdings, the client requested a discount and eventually settled on a payment of ₹85,000.
“Yes, such clients exist too,” Kaushik remarked, noting that the same client had paid ₹45,000 the previous year when his net worth was significantly lower.
The Internet Weighs In: “Premium Service” vs. “Pulp Fiction”
The post quickly went viral, drawing a mix of amusement and skepticism from the professional community:
| Perspective | Common Reaction |
| The Skeptics | Some users labeled the story “pulp fiction,” arguing that HNI clients usually have long-term CAs and wouldn’t pay ₹85k for a single certificate. |
| The Supporters | Others noted that wealthy individuals are often the toughest negotiators, which is precisely how they maintain their wealth. |
| The Professional Jab | One critic accused Kaushik of being a “grifter,” claiming most tax audits don’t even fetch ₹8,500. |
Kaushik’s Rebuttal: Responding to the backlash, Kaushik defended his pricing, stating, “When your practice grows, you gradually shift to premium clients… I am sorry if you can’t find premium clients, maybe because your services are still outdated and mediocre.”
Why High Fees for a Certificate?
For those outside the finance world, a Net Worth Certificate isn’t just a piece of paper. It requires the CA to:
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Verify Land Records: Cross-check ownership of multiple plots across different states.
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Valuate Startups: Assess the current fair market value of unlisted shares.
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Audit Partnerships: Review capital accounts across various firms.
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Assume Liability: The CA puts their license on the line by certifying these figures to financial institutions.
While ₹85,000 might seem steep to some, Kaushik argues it reflects the complexity of the client’s rapidly growing portfolio, which recently expanded due to “ancestral wealth and foreign market liquidations.”
