"SEBI has no authority to look into the quality of audit standards and audit services," SAT said
The Securities Appellate Tribunal (SAT) on September 9 overturned market regulator's SEBI order in the Satyam Computer Services' fraud case, which had banned auditor Price Waterhouse (PW) in India for two years.
The Securities and Exchange Board of India (SEBI) had in January 2018 barred PW from auditing listed companies in India. It alleged that PW had colluded with the management of Satyam.
"SEBI has no authority to look into the quality of audit standards and audit services," SAT said, adding that it can only take remedial and preventive action, and the move to bar the auditor is neither.
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