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Update: SAT Quashes SEBI’s Order Barring the Operation of PWC, Calls It “Erroneous”

[The following update has been brought to you by Saumya Raizada, who is an Editor at IRCCL.] The Securities Appellate Tribunal (SAT), has quashed the 2018 Securities Exchange Board of India (SEBI) order which disentitled PWC from providing certificate of audit of listed companies, compliance of obligations of listed companies and intermediaries registered with the regulator for a period of two years because of the role of their auditors in the Satyam fiasco. SEBI in its earlier decision had ruled that PWC Bangalore and two of their erstwhile partners were negligent in conforming to the auditing standards prescribed by the Institute of Chartered Accountants of India (ICAI) as a result of whic

A Peep into the FDI Reforms

[Dibya Prakash Behera is the Manager and Editor at IRCCL.] With the Indian economy facing a severe slowdown with GDP plummeting down to new lows, the Central Government, in a sigh of relief, has relaxed certain foreign direct investment (FDI) norms. In a slew of reforms, it has allowed 100% foreign investment in coal mining and contract manufacturing, eased sourcing norms for single-brand retailers and approved 26% overseas investment in digital media in order to boost economic growth from a five-year low. In the single-brand retail trading (SBRT) sector, it has now allowed companies to conduct online retail trading prior to the opening of physical stores, subject to the condition that brick

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