Section 211: Establishment of Serious Fraud Investigation Office
This section is for establishing the Serious Fraud Investigation Office to investigate company frauds and outlining its structure and staffing.
The section, clause by clause
What the section says
In plain terms
(1)The Central Government shall, by notification, establish an office to be called the Serious Fraud Investigation Office to investigate frauds relating to a company:
The Central Government will set up an office called the Serious Fraud Investigation Office to investigate company frauds, and until it is established, an existing office set up on 2nd July, 2003 will serve the same purpose.
provisoProvided that until the Serious Fraud Investigation Office is established under sub-section (1), the Serious Fraud Investigation Office set-up by the Central Government in terms of the Government of India Resolution No. 45011/16/2003-Adm-I, dated the 2nd July, 2003 shall be deemed to be the Serious Fraud Investigation Office for the purpose of this section.
(2)The Serious Fraud Investigation Office shall be headed by a Director and consist of such number of experts from the following fields to be appointed by the Central Government from amongst persons of ability, integrity and experience in,—
The Serious Fraud Investigation Office will be led by a Director and will consist of experts from fields like banking, corporate affairs, and law, who will be appointed by the Central Government based on their ability, integrity, and experience.
(2)(i)banking;
(2)(ii)corporate affairs;
(2)(iii)taxation;
(2)(iv)forensic audit;
(2)(v)capital market;
(2)(vi)information technology;
(2)(vii)law; or
(2)(viii)such other fields as may be prescribed.
(3)The Central Government shall, by notification, appoint a Director in the Serious Fraud Investigation Office, who shall be an officer not below the rank of a Joint Secretary to the Government of India having knowledge and experience in dealing with matters relating to corporate affairs.
The Central Government will appoint a Director to the Serious Fraud Investigation Office, who must be at least a Joint Secretary to the Government of India with knowledge of corporate affairs.
(4)The Central Government may appoint such experts and other officers and employees in the Serious Fraud Investigation Office as it considers necessary for the efficient discharge of its functions under this Act.
The Central Government can appoint additional experts, officers, and employees to the Serious Fraud Investigation Office as needed to perform its functions.
(5)The terms and conditions of service of Director, experts, and other officers and employees of the Serious Fraud Investigation Office shall be such as may be prescribed.
The terms and conditions of service for the Director, experts, and other staff of the Serious Fraud Investigation Office will be determined by prescription.
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Referred to by
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Reproduced from the official India Code print for reference. Check the current text on India Code before you rely on it, and read the section alongside its Rules. Nothing here is legal advice.