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Sebi right authority to probe PW: ICAI

ICAI said Sebi is the right authority to probe allegations of irregularities against the audit firm.

Written by Agencies | New Delhi |
August 15, 2010 1:47:56 pm

Expressing satisfaction over the Bombay High Court order,ICAI today said Sebi is the right authority to probe allegations of irregularities against audit firm Price Waterhouse in the multi-crore Satyam scam.

“ICAI,as institute,cannot proceed against any firm.

Sebi has the authority to do it,in the interest of shareholders,” Institute of Chartered Accountants in India (ICAI) President Amarjit Chopra said while commenting on the Bombay High Court ruling that dismissed the petition of Price Waterhouse.

The Bombay High Court on Friday ruled that the Securities and Exchange Board of India (Sebi) can proceed with its inquiry against audit firm Price Waterhouse for its alleged role in Satyam scam.

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Price Waterhouse had moved the High Court challenging Sebi’s jurisdiction over the audit firm as it has nothing to do with the securities market.

“Price Waterhouse is caught in its own web.

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First published on: 15-08-2010 at 01:47:56 pm

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