Lead Agency for Investigations in Financial Sectors

The Ministry of Corporate Affairs has pitched for establishing a lead agency for investigations in financial sectors where multiple agencies have overlapping roles.

Why the Ministry is pushing for a lead agency?

• Multiple agencies such as Central Bureau of Investigation (CBI), Enforcement Directorate (ED), Economic Offences Wing of state governments and Serious Fraud Investigation Office (SFIO) are simultaneously investigating the same set of cases.
• The agency that moves first seizing all books of accounts and keeping all information collected to itself.
• Since the investigating agencies are working individually than collectively and there is no sharing of the information, it causes a delay in investigations.

Hence the Ministry of Corporate Affairs has sought to establish a way to a lead investigation agency concept, especially in cases where different Acts and legal provisions get invoked.