The Securities Appellate Tribunal on Friday refused to grant a stay on the two-year SEBI ban on audit major Price Waterhouse (PW) to take on new clients.
On January 10, markets watchdog SEBI had banned the auditor for its alleged complicity in the multi-crore Satyam scam.
Posting the matter for further hearing on February 13, SAT, however, clarified that the audit major and its network entities can continue servicing its existing clients.
On finding it guilty in the Satyam fraud, SEBI had passed an order on January 10, restraining PW and its network entities from issuing audit certificates to any listed company in the country for two years. Subsequently, PW and its network firms moved the tribunal against the SEBI order.
The tribunal also clarified that audit assignments already undertaken by PW for clients who follow the financial year beginning on January 1, would not be impacted by the SEBI order.
“Similarly, PW shall be at liberty to complete any other work of certification (besides audit) already in their hands,” SAT said.