Under the provisions of the recently enacted Companies Act, 2013, Serious Fraud Investigation Office (SFIO) has been accorded statutory status. Various other provisions of the Companies Act, 2013 would enable SFIO to be more effective in conducting investigations. Steps have also been taken to induct technology and skilled manpower to improve the functioning of SFIO. Giving this information in written reply to a question in the Lok Sabha, Minister of Corporate Affairs, Shri Sachin Pilot, said that investigations conducted by SFIO are monitored in his Ministry and wherever found necessary, appropriate instructions and assistance is provided.

Statutory status for investigative agency strengthens investigatory powers, ministry monitoring, and operational support. The Serious Fraud Investigation Office has been conferred statutory status under the Companies Act, 2013, strengthening its investigatory role through provisions that enhance investigative mechanisms and powers; the Ministry of Corporate Affairs monitors investigations and provides instructions and assistance, while technology and skilled manpower are being inducted to improve operational capacity.