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Satyam case: Sebi bans Price Waterhouse entities from issuing audit certificates for 2 yrs

12 Jan, 2018

The Securities and Exchange Board of India (SEBI) has barred auditor major Price Waterhouse's network entities from issuing audit certificates to any listed company in India for two years after finding it guilty in the multi-crore Satyam scam.  It also ordered disgorgement of over 13 crore rupees wrongful gains from the audit major and it's two erstwhile partners who worked on the IT major's accounts.
The market regulator's order comes nearly nine years after the scam at Satyam Computer Services surfaced and after two failed attempts by Price Waterhouse to settle the case through consent mechanism.
This is also one of the most stringent orders passed by any regulator against a Big Four audit major.