enhanced substantially with number of enabling provisions in the Act and it was established
under Section 211 of the Companies Act, 2013.
The main function of SFIO is to investigate corporate frauds of serious and complex nature.
It takes up investigation of frauds characterized by complexity, and having inter-departmental
and multi-disciplinary ramifications, substantial involvement of public interest to be judged by
size of either monetary appropriation or the number of persons affected and the possibility of
investigations leading to, or contributing towards a clear improvement in systems, laws or
procedures. Investigations are carried out by a multi disciplinary team which includes experts
from the field of accountancy, forensic auditing, taxation, customs and central excise,
information technology, capital market, financial transaction (including banking) and
enforcement agencies like Central Bureau of Investigation (CBI), Intelligence Bureau (IB) and
Indian Institute of Corporate Affairs
The Ministry set up the Indian Institute of Corporate Affairs (IICA), a society registered
under Societies Registration Act, 1860 to serve as a ‘Holistic Think-Tank’, and a ‘Capacity
Building, Service Delivery Institution’ to help corporate growth, reforms through synergised
knowledge management, partnerships and problem solving in a one-stop-shop mode. The
Institute fulfils the training needs of the officers of the Indian Corporate Law Service (ICLS),
and other officials working for the Ministry, corporates, PSUs and banks through its network of
various schools and centres. National Foundation for Corporate Social Responsibility is also
anchored with IICA. It also helps in the continuous improvement of service delivery mechanisms
in diverse areas like corporate governance, corporate social responsibility, investor education and
protection, business responsibility, finance, competition law, etc.
Relevant Website: www.iica.in
Competition Commission of India
The Competition Commission of India (CCI) was established in 2003 under the
Competition Act, 2002, with the objective of eliminating practices having an adverse effect on
competition, promoting and sustaining competition, protecting the interest of consumers and
ensuring freedom of trade in India. The Competition Act, 2002 was amended twice
(Amendment) Act, 2007 and the Government (Amendment) Act, 2009. The provisions of the
Competition (Amendment), 2002 relating to anti-competitive agreements and abuse of dominant
position were brought into force in 2009 and those relating to combinations from 2011.
By March, 2017, the CCI received 868 matters relating to anti-competitive agreements and
abuse of dominance in diverse sectors such as insurance, travel, transport, cement, automobile
manufacture, real estate, pharmaceuticals, financial sector, public procurement and
entertainment, etc. It passed final orders in 654 cases (about 75.34 per cent). Penalties were also
imposed by CCI in some of the serious cases of infringements.
In respect of Regulation of Combinations, the Commission received 498 notices (including
9 suo-motu cases) for combination till March, 2017. Out of them, 482 cases were disposed of
within the stipulated time period.
Relevant Website: www.cci.gov.in