Frequently Asked Questions



Q. How the Serious Fraud Investigation Officer (SFIO) has been established

Ans. In exercise of the powers conferred by sub section (i) of section 211 of the Companies Act, 2013, the Central Government has established the Serious Fraud Investigation Office vide Notification F.No. A-35011/09/2011-Admn.III dated 21st of July, 2015. Earlier this office was established vide Government of India’s Resolution No. 45011/16/2003-Admn.-1 dated 2nd July, 2003.

Q. What is the composition of SFIO

Ans. The Serious Fraud Investigation Office is headed by a Director and consist of experts from different fields viz banking, corporate affairs, taxation, forensic audit, capital market, information technology, law etc..

Q. What are the terms and conditions of service of Director experts and other officers and employees of SFIO

Ans. The terms and conditions of service of Director, experts and other officers and employees of SFIO are stated in Companies (Inspection, Investigation and Inquiry) Rules, 2014 issued by Govt. of India Notification F.NO. 01/12/2013(Part-1)(CL.V) dated 31st March, 2014.

Q. Under what circumstances, investigation into the affairs of a company is assigned to SFIO by the Government

Ans. As per Section 212 (1) of the Companies Act, 2013, the Central Govt. may assign the investigation into the affairs of a company to the Serious Fraud Investigation Office –
(a) on receipt of report of the Registrar or Inspector under section 208;
(b) on intimation of a special resolution passed by a company requesting an investigation into its affairs;
(c) in public interest;
(d) on the request of any Department of Central Government or State Government

Q. What is the procedure of investigation into the affairs of a company by SFIO

Ans. The investigation into the affairs of a company shall be conducted in the manner and by following the procedure specified in Chapter XIV of Companies Act, 2013.

    

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