Serious Fraud Investigation Office will soon be recognised

Keeping in view the recommendations made by Vepa Kamesam committee, it is proposed to give statutory recognition to SFIO. Besides, powers such as treating its investigation report as a report filed by a Police Officer, giving SFIO power to issue letter of requests (letter Rogatory) in cases involving companies having business/interest outside the country and definition of the term ˜fraud™ alongwith its punishment are also proposed to be included, subject to due approvals, in the revised Companies Bill for strengthening its enforcement framework. On the enactment of the new Companies Bill, these legislative provisions will become effective.

 

Besides the legislative measures, 58 additional posts have been created in SFIO and it has been decided to set up regional offices at New Delhi, Mumbai, Hyderabad, Chennai, Kolkata and Ahmedabad for effective oversight, monitoring and prosecution of cases.

This information was given by the Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today in the Rajya Sabha in reply to a written question whether it is a fact that Government proposes to further strengthen the Serious Fraud Investigation Office and by when it is likely to be effected.

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About Taniya

Taniya | Associate

eMinds Legal Consulting Pvt. Ltd. is a Consulting Firm in India specialzing in Corporate Laws, Compliances, Secretarial, FEMA, Indirect Taxation, Cyber Laws & Contracts. The Firm comprises of a team of professionals of Company Secretaries, Lawyers and Chartered Accountants with an in-depth subject matter knowledge and participative industry experience of over 12 years.

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