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Tribunal refuses to stay two-year audit ban on PwC
Photo Credit: Reuters

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.

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