ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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ઓડિટિંગ ફ્રોડ

The Serious Fraud Investigation Offi ce needs the government’s attention to fulfi l its mandate adequately.

The translations of EPW Editorials have been made possible by a generous grant from the H T Parekh Foundation, Mumbai. The translations of English-language Editorials into other languages spoken in India is an attempt to engage with a wider, more diverse audience. In case of any discrepancy in the translation, the English-language original will prevail.

 

Over the last 15 years, but more so since 2013, the Serious Fraud Investigation Office (SFIO) has emerged as Indias premier corporate fraud investigation agency, investigating several high-profile cases. Why, then, is an organisation that is entrusted with uncovering corporate wrongdoing being left to function with inadequate personnel and is, therefore, being able to fulfil only a fraction of its potential?

Inadequate staffing is not new in government agencies, but the responsibilities of the SFIO have increased ever since it was granted statutory powers under the Companies Act, 2013. Data from parliamentary questions shows that about 447 company investigations were assigned to the SFIO between April 2014 and January 2018, accounting for 67% of the 667 total investigations assigned to it since its inception in 2003. The number of sanctioned positions, however, has remained stagnant at around 133 since 201415 and 69 positions lie vacant.

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Published On : 8th Jun, 2018

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