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GOVERNMENT OF INDIA
Ministry of Corporate Affairs 

RAJYA SABHA
UNSTARRED QUESTION NO. 2368
ANSWERED ON MONDAY, SEPTEMBER 03, 2012
New Legislation for SFIO

2368. SHRI RAJEEV CHANDRASEKHAR: 

Will the Minister of CORPORATE AFFAIRS be pleased to state:

(a)   whether it is a fact that Vepa Kamesam Committee was appointed to examine various aspects of Serious Fraud Investigation Office (SFIO) including a separate law for the agency;

(b)   if so, whether the Committee has submitted its report;

(c)    whether Government proposes to bring forward a legislation on SFIO; and

(d)   if so, the details thereof and if not, the reasons therefor?

ANSWER
THE MINISTER OF STATE IN THE
MINISTRY OF CORPORATE AFFAIRS
(SHRI R.P.N.SINGH)

(a) to (d):  Yes Sir. The Expert Committee under the Chairmanship of Sh. Vepa Kamesam was constituted by the Ministry on 23.02.2006 to advise on various issues concerning the Serious Fraud Investigation Office (SFIO) particularly the nature of legislation and changes required in the existing laws, to enable effective functioning of SFIO. The Committee has since submitted its report to the Ministry on 29.04.2009. Based on the report, in the Companies Bill, 2011 recognition to SFIO through clause no. 211 and empowering it with powers to investigate into the affairs of the company through clause no. 212 has been provided.