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Wednesday, August 6, 2008

Who regulates the Commodity Market?

Forward Markets Commission (FMC) headquartered at Mumbai, is the apex regulatory authority for the commodity futures trade in India.

FMC, a statutory body set up in 1953 under the Forward Contracts (Regulation) Act, 1952, functions under the Ministry of Consumer Affairs and Public Distribution of the India government.

The Act provides that the Commission shall consist of not less than two but not exceeding four members appointed by the Central Government out of them being nominated by the Central Government to be the Chairman thereof.

Currently the Commission comprises four members among whom Shri S. Sundareshan, IAS, is the Chairman and Dr. Kewal Ram, IES, Smt Rinchen Tempo, and Shri Rajeev kumar Agarwal, IRS, are the Members of the Commission. The functions of the Forward Markets Commission are as follows:

(a) To advise the Central Government in respect of the recognition or the withdrawal of recognition from any association or in respect of any other matter arising out of the administration of the Forward Contracts (Regulation) Act 1952.

(b) To keep forward markets under observation and to take such action in relation to them, as it may consider necessary, in exercise of the powers assigned to it by or under the Act.

(c) To collect and whenever the Commission thinks it necessary, to publish information regarding the trading conditions in respect of goods to which any of the provisions of the act is made applicable, including information regarding supply, demand and prices, and to submit to the Central Government, periodical reports on the working of forward markets relating to such goods.

(d) To make recommendations generally with a view to improving the organization and working of forward markets.

(e) To undertake the inspection of the accounts and other documents of any recognized association or registered association or any member of such association whenever it considerers it necessary.

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