79 Investigations Involving 594 Companies Assigned to SFIO in the Last 3 Years

Highlights:

  1. The government is familiar with number of growing corporate frauds, reported in the last 3 years and is carrying out actions against these scams
  2. 256 investigations have been assigned to Regional Directors (RDs)/Registrar of Companies (RoCs) of Ministry of Corporate Affairs (MCA) in the previous 3 years
  3. The MCA has began KYC norms and 16,80,472 directors have compiled with the norms

The Serious Fraud Investigation office has been issued 79 investigations that involves 594 companies in the last 3 years.

The government is familiar with number of growing corporate frauds, reported in the last 3 years and is carrying out actions against these scams, said by the Minister of Finance and Corporate Affairs Nirmala Sitharaman.

Not only SFIO is taking care of investigations, in fact, separate 256 investigations have been assigned to Regional Directors (RDs)/Registrar of Companies (RoCs) of Ministry of Corporate Affairs (MCA) in the previous 3 years.

It is understood that the Security and Exchange Board of India (SEBI) has signed a Memorandum of Understanding (MoU) with MCA for exchange of data in order to restrict white collar fraud.

The MoU will provide access of sharing particular information like details of suspended companies, delisted companies, returns of allotment of shares, audit reports relating to corporates.

The MCA has began KYC norms and 16,80,472 directors have compiled with the norms.

SEBI has invested in place systems and ethical practices that promote a secure, transparent and efficient market to guard market integrity. These systems and practices are reviewed on a regular basis and adjusted according to the emerging needs.

“Sebi maintains constant vigil in the market and wherever any entity is found to engage in any fraudulent activity it takes appropriate action against it,” said by the Minister of Finance.

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  1. 79 investigations assigned to SFIO in last 3 years involving 594 companies
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