PW Ban puts 3,000 jobs at risk

The Securities and Exchange Board of India's (SEBI's) decision to ban Price Waterhouse (PW) and its network firms from auditing listed companies for two years can put at risk jobs of over 3,000 employees involved in the firm's audit practice. The stock market regulator, SEBI, has found a network firm, PW Bangalore, involved in gross negligence and fraudulent misrepresentation in the Satyam Computers case in which the Hyderabadbased company inflated revenue through fake invoices. PW has appealed to Securities Appellate Tribunal (SAT) but SAT has refused to lift the ban and only permitted PW to finish audits it has taken on for CY2018.