Serious Fraud Investigation Office
Government of India
Ministry of Company Affairs
In the backdrop of recent stock market scam, major failures of non banking financial companies and phenomenon of vanishing companies, a need to create a strong multidisciplinary enforcement mechanism was felt .
The Government had set up an expert Committee under the Chairmanship of Shri Naresh Chandra on ‘Corporate Audit and Governance’ to examine the entire gamut of Corporate Governance and to make suitable recommendations thereon. The Committee, inter-alia recommended creation of multidisciplinary organisation for investigation of serious financial frauds, on the lines of the Serious Fraud Office of U.K.The Finance Minister made an announcement in the Parliament in July 2002 that a Serious Fraud Investigation Office would be set up in the country. The Government issued a Resolution on 2.7.2003 notifying setting up of the Serious Fraud Investigation Office (SFIO) as an independent office in the Ministry of Company Affairs, to professionally investigate financial frauds of serious nature.