valid as on 22/08/2019

211. Establishment of Serious Fraud Investigation Office

(1) The Central Government shall, by , establish an office to be called the to investigate frauds relating to a :

Provided that until the Serious Fraud Investigation Office is established under subsection (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   and consist of such number of from the following fields to be appointed by the Central Government from amongst persons of ability, integrity and experience in,—

(i) banking;

(ii) corporate affairs;

(iii) taxation;

(iv) forensic audit;

(v) capital market;

(vi) information technology;

(vii) law; or

(viii) such other fields 

(3) The Central Government shall, by notification, appoint a Director in the Serious Fraud Investigation Office, who shall be an 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.

(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.

(5) The terms and conditions of service of Director, experts, and other officers and employees of the Serious Fraud Investigation Office shall be such

2(58) Notification means a notification published in the Official Gazette and the expression “notify” shall be construed accordingly
2(83) Serious Fraud Investigation Office means the office referred to in section 211
2(20) Company means a company incorporated under this Act or under any previous company law
2(34) Director means a director appointed to the Board of a company
2(38) Expert includes an engineer, a valuer, a chartered accountant, a company secretary, a cost accountant and any other person who has the power or authority to issue a certificate in pursuance of any law for the time being in force
Refer rule 3 of  the Companies (Inspection, Investigation and Inquiry) Rules, 2014. To view the rule,Click Here
2(59) Officer includes any director, manager or key managerial personnel or any person in accordance with whose directions or instructions the Board of Directors or any one or more of the directors is or are accustomed to act
Refer rule 4 of  the Companies (Inspection, Investigation and Inquiry) Rules, 2014. To view the rule,Click Here

14.1.3- Companies (Inspection, Investigation and Inquiry) Rules,2014

3. Appointment of persons having expertise in various fields.—

The Central Government may appoint persons having expertise in the fields of investigations, cyber forensics, financial accounting, management accounting, cost accounting and any other fields as may be necessary for the efficient discharge of Serious Fraud Investigation Office (SFIO) functions under the Act.


14.1.4-Companies (Inspection, Investigation and Inquiry) Rules,2014

4. Terms and Condition of service.—

The terms and conditions of service of Director, experts and other officers and employees of the Serious Fraud Investigation Office under sub-section (5) of Section 211 shall be as unders—

(a) the terms and conditions of appointment of Director shall be governed by the deputation rules under the Central Staffing Scheme of Government of India;

(b) the terms and conditions of service of experts from the Central Government or the State Government or Union territory Government, Public Sector Undertaking, Autonomous Bodies and such other organizations shall be as per the recruitment rules which may be duly notified by the Central Government under article 309 of the Constitution of India;

(c) the terms and conditions of service of other officers and employees from the Central Government or the State Government or Union Territory Government, Public Sector Undertaking, Autonomous Bodies and such other organizations shall be as per the recruitment rules which may be duly notified by the Central Government under article 309 of the Constitution of India;

(d) the Central Government may appoint experts or consultants or other professionals or professional firms on contractual basis as per the Scheme of engagement of experts or consultants which may be duly approved by the Central Government.


Enforcement Notification S.O. 902(E) dated 26/03/2014


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