The Securities Appellate Tribunal on Friday refused to grant a stay on the two-year Sebi ban on audit major Price Waterhouse (PW) to undertake new clients.
On January 10, the 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, on Friday clarified that the audit major and its networking entities can continue serving 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.
At the hearing on Friday, SAT refused to stay the ban, saying it will hear the matter next on February 13.
However, the two-member SAT bench observed that the Sebi order “shall not come in the way of audit assignments undertaken by PW and it network firms for fiscal 2017-18”.
The tribunal also clarified that audit assignments already undertaken by PW for clients who follow the financial year beginning on January 1, 2018 would not be impacted by the Sebi order.