The body will include joint secretary level officers from the corporate affairs ministry, Central Board of Direct Taxes, Securities and Exchange Board of India, Reserve Bank of India, Serious Fraud Investigation Office among others. Banking and financial services secretary Rajiv Takru confirmed it.
A top level source told HT that the body will be the topmost platform at the operational level for free exchange of information on financial illegalities and for taking steps against them. “It will also prevent government departments, agencies and the regulators from working at cross purposes which the finance ministry feels is happening on a considerable scale.”
Regulators, for some time, had been pressing for a mechanism to preempt fraudulent schemes before they take to duping the gullible public.