Securities Appellate Tribunal (SAT) said on Friday that Price Waterhouse can continue to service existing clients whose financial year started on January 1 2018, but it refused to grant a stay on a two-year audit ban ordered by the market regulator.

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The markets regulator, Securities and Exchange Board of India, last week barred Price Waterhouse from auditing listed companies in the country for two years, after a probe into a nearly decade-old accounting fraud case in a software services company that became India`s biggest corporate scandal.

It had however allowed Price Waterhouse to continue auditing books for the current fiscal year ending in March. Most Indian companies follow an April-March financial year.

Price Waterhouse had appealed to SAT to lift the SEBI ban, but the Tribunal only agreed to give it a reprieve to permit it to complete audits it had already taken on for the 2018 calendar year.