The department has already identified the first batch of cases which the Serious Frauds Investigation Office would investigate. These would include the corporate fraud cases of the Ketan Parekh group, DSQ Software and Cyberspace Infosys.
The office, headed by O P Arya, has eight advisors, who are experts in taxation, forensic auditing, law and capital markets along with a team of investigators.
The Serious Frauds Investigation Office has not been given prosecution powers and will forward its investigation reports to the Department of Company Affairs for cases of violations under the Companies Act, 1956, while breaches under other acts would be referred to the respective agencies. It can also outsource investigations to outside agencies.
The Serious Frauds Investigation Office would initially have two regional offices for Northern and Western region. A co-ordination committee headed by the DCA secretary and having chairman, Securities and Exchange Board of India, chairpersons of Central Board of Direct Taxes and directors of Central Bureau of Investigation and Serious Frauds
Investigation Office as members would be formed to supervise the work of the office. An empowered committee of secretaries headed by the Cabinet Secretary and having secretaries in charge of company affairs, revenue, expenditure and personnel as its members to instruct the SFIO in efficient discharge of duties as and when required.
