Sebi action on PW a message to audit companies to take work seriously: Mohandas Pai

Almost a decade after the Satyam scam came to light, market regulator Securities and Exchange Board of India (Sebi) has banned Price Waterhouse (PW) entities from issuing audit certificates of listed companies for two years. In an interview to CNBC-TV18, TV Mohandas Pai, Chairman of Manipal Universal shared his views and readings on the same.

Pai said that Sebi's action on Price Waterhouse sends a message to audit companies to take their work seriously.

He further said that Sebi has taken a very good decision with regards to Price Waterhouse, entities.

According to him, Institute of Chartered Accountants of India (ICAI) should have sent a show cause notice to the auditors immediately.

Personally feel a longer ban on Price Waterhouse would have been better, he added.

CNBC-TV18's Yash Jain also spoke at length about the same. Watch accompanying video for more details.