In January 2020 in a new connection to arrest an apparent arrest of the person involved in fraudulent activity in some company, some of the fraudulent activity include filing false documents with the various banks.
A committee formed under the chairmanship of former cabinet secretory naresh chandra recommend to set up CSFO.
having speciality from various relevant areas and also to include officers on the basis of transfer or deputation and on special term contact.
on the basis of this recommendation, state market condition, failure of nbfc this resulted into SFIO 2003.
at that time It was established through resolution
then it given statutory status by sec211 of company act of 2013
under ministry of corporate affairs.