Strengthening of Serious Fraud Investigation Office (SFIO)

Keeping in view the recommendations made by Vepa Kamesam committee, It is proposed to

1) Give statutory recognition to SFIO.

2)Giving powers such as treating its investigation report as a report filed by a Police Officer

3)giving SFIO power to issue letter of requests (letter Rogatory) in cases involving companies having business/interest outside the country.

4) defining of the term ‘fraud’ along with 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.

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