FMC to regulate commodity mkt
The government on Monday said there would be separate regulators for the commodity and financial markets, overlooking an earlier proposal to have a single regulator.
By PTI |
NEW DELHI: The government on Monday said there would be separate regulators for the commodity and financial markets, overlooking an earlier proposal to have a single regulator.
"We have decided to have two separate market regulators," said Consumer Affairs Secretary L Mansingh.
The Forward Markets Commission would regulate commodity market, while Securities Exchange Board of India (SEBI) will remain as the apex financial regulator, he said.
He said the issue of convergence of market regulators was affecting decision to introduce the amendment bill relating to Forward Contracts Regulation Act.
"Now that we have arrived a stand, the Bill will be soon put before the Cabinet for approval for introducing it at the next session of Parliament," Mansingh said.
Bills aimed at amending the Forward Contracts Regulation Act and Essential Commodities Act would be introduced in the next Parliament session, he added.
The proposed amendment to FCR Act aims at providing greater autonomy to the commodity regulator FMC.
Mansingh said the bill on revamping Essential Commodities Act, 1955 would also be introduced in the next session.
"We have decided to have two separate market regulators," said Consumer Affairs Secretary L Mansingh.
The Forward Markets Commission would regulate commodity market, while Securities Exchange Board of India (SEBI) will remain as the apex financial regulator, he said.
He said the issue of convergence of market regulators was affecting decision to introduce the amendment bill relating to Forward Contracts Regulation Act.
"Now that we have arrived a stand, the Bill will be soon put before the Cabinet for approval for introducing it at the next session of Parliament," Mansingh said.
Bills aimed at amending the Forward Contracts Regulation Act and Essential Commodities Act would be introduced in the next Parliament session, he added.
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The proposed amendment to FCR Act aims at providing greater autonomy to the commodity regulator FMC.
Mansingh said the bill on revamping Essential Commodities Act, 1955 would also be introduced in the next session.
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