SFIO should be armed with more powers: Khursheed

Pitching for "more teeth" for the SFIO, his ministry's investigating arm, new Corporate Affairs Minister Salman Khursheed today said if it had all the powers, possibly the CBI may not have been required to investigate the mega scam in Satyam Computer.

"My opinion is that if you have the SFIO, it should have more teeth," Khursheed told PTI in his first interview after taking charge of the Ministry, which has been in the news for issues ranging from the new Companies Bill, corporate governance, and the financial scam in Satyam involving about Rs 10,000 crore.

However, he was quick to add that though it is desirable that the Serious Fraud Investigation Office (SFIO) should have more teeth, there is no case for duplicating the work.

Asked if the CBI's involvement could have been avoided had the SFIO been empowered, the Minister said "possibly yes" as there are issues that involve inter-state investigation and other related matters. If the Ministry had a fully empowered investigation wing, possibly the probe could have been been handled by it, he added.

Khursheed said that a Committee, constituted by the Ministry under the Chairmanship of former RBI Deputy Governor Vepa Kamesam, had earlier this month submitted its report, which had recommended more teeth to the SFIO and adequate infrastructure for the organisation.