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Indian regulator bars Price Waterhouse from auditing listed firms for 2 years

India's capital market regulator late on Wednesday 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. Ramalinga Raju, founder and former chairman of the erstwhile software services exporter Satyam Computer Services, stunned Indian markets and investors in January 2009, when he admitted that the firm had overstated earnings and assets for several years, in a fraud of more than $1 billion sometimes referred to as “India's Enron”.

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