Indian tribunal refuses to lift SEBI ban on Price Waterhouse | business news | Hindustan Times
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Indian tribunal refuses to lift SEBI ban on Price Waterhouse

India’s Securities Appellate Tribunal (SAT) said on Friday that Price Waterhouse can continue to service existing clients whose financial year started on Jan. 1 2018

business Updated: Jan 19, 2018 13:00 IST
Reuters
Reuters
Reuters, Mumbai
SEBI,Price Waterhouse,Securities Appellate Tribunal
The logo of the Securities and Exchange Board of India (Sebi), country's market regulator, is seen on the facade of its head office building in Mumbai. (Reuters File Photo)

India’s Securities Appellate Tribunal (SAT) said on Friday that Price Waterhouse can continue to service existing clients whose financial year started on Jan. 1 2018, but it refused to grant a stay on a two-year audit ban ordered by the market regulator.

The markets regulator, Securities and Exchange Board of India, last week barred Price Waterhouse from auditing listed companies in the country for two years, after a probe into a nearly decade-old accounting fraud case in a software services company that became India’s biggest corporate scandal.

It had however allowed Price Waterhouse to continue auditing books for the current fiscal year ending in March. Most Indian companies follow an April-March financial year.

Price Waterhouse had appealed to SAT to lift the SEBI ban, but the Tribunal only agreed to give it a reprieve to permit it to complete audits it had already taken on for the 2018 calendar year.

First Published: Jan 19, 2018 12:59 IST