CHARTER& RESPONSIBILITIES OF SFIO

For the present the SFIO will function within the existing provisions of the Companies Act, 1956.  In due course, however, a separate Legislation for the SFIO is envisaged.

The charter of SFIO includes but is not limited to, the following:-

a)      detecting and prosecuting or recommending for prosecution white collar crimes/frauds.

b)     SFIO will normally take up for investigation of only such cases which are characterized by:-

i)           complexity and having inter-departmental and multi-disciplinary ramifications’

ii)           substantial involvement of public interest to be judged by size, either in terms of monetary misappropriation or in terms of persons affected and

iii)          the possibility of investigation leading to or contributing towards a clear improvement in systems, laws and procedures.

          The Director of the organisation has been empowered to take a view whether or not an investigation should be taken up by this organisation. A Coordination Committee under the Chairmanship of Secretary, DCA with Chairman SEBI, Chairpersons CBDT and CBEC and Directors CBI, Revenue Intelligence, Enforcement and SFIO as its members and Joint Secretary DCA as Member Secretary has also been set up to review the decisions of investigation taken by the Director, SFIO and to provide inter-departmental and inter agency cooperation and coordination .