To detect financial frauds, the SFIO is in the process of developing an early warning system (EWS), and a consulting agency has been engaged to prepare the conceptual framework, the government said today.
In a written reply to the Lok Sabha, Minister of State for Corporate Affairs P P Chaudhary said, "(The) SFIO is in the process of developing EWS to generate alerts as well as to strengthen its capability for taking stringent action against corporate misconduct."
In this regard, services of a consulting agency have been engaged to develop the conceptual framework, he added.
In a separate reply, Chaudhary said his ministry does not maintain data about monitoring of implementation of provisions of the Sexual Harassment at Workplace Act.
All the companies registered under the Companies Act, 2013, are required to follow the provisions of the 'Sexual Harassment at Workplace Act'.
"But the monitoring of implementation of this Act in respect of private companies rests with the state governments concerned... Hence, this information is not maintained by the Ministry of Corporate Affairs," he added.