SFIO Full Form
What is full form of SFIO ?
The full form of SFIO is Serious Fraud Investigation Office. A fraud-investigation organization called the Serious Fraud Investigation Office (SFIO) was established to look into extremely serious and complicated corporate scams. Under the Companies Act, SFISO's authority is restricted to investigating corporate wrongdoing. The inquiry conducted by SFIO is seen as distinct from other regular investigations into the company's operations. By its very structure, SFIO cannot take on a case. The organization solely carries out orders from the Union Government. The investigation is rigorous and severe when the SFIO is involved. The main office of SFIO is located in New Delhi, the nation's capital, while its field offices are dispersed throughout the major cities of India.
History of SFIO
The Ministry of Corporate Affairs decided to address fraud under the 2003 Companies Act by creating the statute in 2003. Along with the Income Tax Department and the Central Bureau of Investigation, the experts at the SFIO are in charge of locating and resolving violationstment and the Central Bureau of Investigation, the experts at the SFIO are in charge of locating and resolving violations. The agency was founded in response to the stock market frauds that took place between the 1990s and 2000s, costing both the public and the government money and forcing the closing of countless small and emerging businesses.
Objectives of SFIO
According to the resolution from July 2, 2003, SFIO is only allowed to investigate frauds that exhibit the following characteristics:
Complexity with cross-disciplinary and interdepartmental effects.
A significant public interest should be measured by its scope, either in terms of financial misconduct or the number of people affected.
The likelihood that investigations will result in, or will help, a definite improvement in systems, laws, or procedures.
Frequently Asked Questions (FAQs)
Keshav Chandra has been the director of SFIO up to December 17, 2022.
In addition to its New Delhi headquarters, SFIO has five regional offices in Mumbai, New Delhi, Chennai, Hyderabad, and Kolkata.
In the following circumstances, the Central Government may request that the SFIO look into a company:
When it receives a report from the inspector or registrar according to Section 208 of the 2013 Companies Act.
When the business demands an investigation and passes a specific resolution.
The SFIO has sole jurisdictional authority and can make arrests. If the Director, Additional Director, or Assistant Director has reason to think that an individual has committed an offense under section 447 of the Act, the SFIO may make an arrest.
SFIO doesn't look into allegations of fraud or illegal activity against individuals.