The new executive leadership team will comprise of Russell Parera as chief executive officer and Richard Rekhy as chief operating officer.
Russell Parera has been with KPMG in its Indian and overseas branches for over 18 years and is currently the head of the audit department. Richard Rekhy joined the company in 2004 and is at present the head of risk advisory services.
He takes over from Rupendra Singh, who will move to a non-executive chairman position and will focus on government and regulatory relations," said a company statement.
Vijay Malhotra, currently the country chairman, who set up the KPMG operations in the country in 1993, is taking over as deputy chairman of the KPMG Middle East and South Asia region.
He will continue to have "close links" with the Indian operations in his capacity, said the statement.
Ian Gomes, the current country managing director will return to KPMG UK, to "an important new role," which will include a strong focus on India and Gulf business opportunities.
Commenting on the changes, Michael Rake, international chairman, KPMG, said, "KPMG is hugely proud of the successes achieved in India since inception.
Over a relatively short time, we have established ourselves as a quality practice in India. The significant profile of the Indian firm within KPMG is due, in no small measure, to the strategy implemented by the current leadership team."
He went on to add, "Indeed, in 2005, India was the fastest growing country within KPMG with a growth rate of over 40 per cent. At the time of success, the international board of KPMG believes it is appropriate to hand over the running of the operations to a new generation of resident Indian partners with a challenge to maintain the momentum of recent years".
KPMG India was established in September 1993 and its range of services include audit, tax and advisory services.
The domestic arm employs about 1,500 Indian and expatriate professionals, many of whom are internationally trained. Globally, the company has about 100,000 people in its payroll and provides services in over 700 cities of 148 countries.