Gaps, overlaps, traps and mishaps

The SEBI-SAT standoff is expected to end up in the Supreme Court

Mere angne main tumhara kya kaam hai…is a question that has been asked in the regulatory space on quite a few occasions. Replace “mere” with “uske” and it will be seen that the recent order of the Securities Appellate Tribunal (SAT), setting aside Securities and Exchange Board of India (SEBI)’s findings in the matter of some entities and some partners of the Price Waterhouse Group, poses exactly this question. SAT has held that the Institute of Chartered Accountants of India (ICAI), and not SEBI, can, and should, regulate the profession of Chartered Accountants and the practice of auditing. Does this