The headquarters of the Securities and Exchange Board of India in Mumbai, India. (Photographer: Adeel Halim/Bloomberg News)
In a major reprieve for Price Waterhouse and its network firms, the Securities Appellate Tribunal has concluded that the audit firm’s role in the Satyam scam can at best amount to professional negligence and not fraud. In saying so, SAT set aside SEBI's 2018 order that had barred not just the specific PW firm that audited Satyam but the entire network of 10 PW audit network firms in India and two individual auditors from auditing the...