See from 2021 its being declared that to be a Assistant Professor in a college you need to have a PhD. Now if you have phD and then you want to apply for the job then you have approach the college website and see if there is any notifications related to vacancy. If there are no such notifications available or the vacancy section itself isn't available then approach the college directly.

Now there is a exam called SLET which is a state level examination. You can attempt this exam to be eligible to teach in college after MCOM. This is state specific so you have to search it out depending on your state.

Also there is a exam called NESLET which is for the North eastern states of India like Assam, Arunachal Pradesh, Mizoram, Manipur, Meghalaya, Sikkim and Tripura . So after MCOM you can approach for lectureship in the college in the mentioned states.

To know more visit the link below:

https://competition.careers360.com/exams/neslet

I hope this answer helps. All the very best for your future endeavors!