Coming against the backdrop of rising incidence of financial frauds, the proposed prediction model would bolster SFIO's capabilities in detecting misdoings at the initial stage itself.
SFIO, which comes under the Corporate Affairs Ministry, is expected to prepare a comprehensive framework for fraud prediction model by June this year.
The aim is to "develop an Early Warning System for detection of and to undertake investigation of serious frauds through the SFIO," according to an internal Ministry document.
The IT infrastructure for the proposed system is expected to be ready by the end of this year, while the pilot testing is anticipated to begin in September.
In addition, SFIO would be setting up a forensic audit laboratory along with revamping its Market Research & Analysis Unit to enable it to function as an intelligence unit.
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