PIB- Activities of ROC and SFIO

Posted: 18/08/2012 in News, PIB
Tags: , , ,

The ROC and Serious Fraud Investigation Office (SFIO) are not engaged in similar work. ROCs primarily work as Registrar/Regulators for administration of the various provisions of the Companies Act, 1956 and SFIO is responsible for investigation of serious nature of financial irregularities/frauds committed by companies, entrusted to it by the Central Government.

There are no statutory powers given to Serious Fraud Investigation Office under Companies Act, 1956, however Central Government can appoint an Inspector for investigation of serious frauds/financial irregularities by the companies.

The government has no proposal to dissolve SFIO since there is no duplication of work with the ROCs.

This information was given by Minister of State for Corporate Affairs Shri R.P.N. Singh in reply to a written question in the Rajya Sabha today.

Source: Press Information Bureau.

 

 

 

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