Satyam scam: Setback for Price Waterhouse as SAT refuses stay on Sebi order

Sebi has imposed a two-year ban on the audit firm for its involvement in the Rs 50 billion Satyam fraud case

The Securities Appellate Tribunal (SAT) on Friday refused to grant a stay on market regulator Securities and Exchange Board of India (Sebi’s) order against global audit firm Price Waterhouse (PW), for its alleged involvement in the Satyam fraud case.

PW and its network firms "shall not take new assignments and new clients", SAT said during the first hearing in the matter. Further, the audit firm was asked to submit a list of its existing clients before the tribunal and furnish a copy to Sebi as well, SAT said during the first hearing in the matter.

The market regulator had, on