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Our Bureau

Kolkata , Oct. 13

The Forward Markets Commission said on Friday that it was not considering any fresh measures to curb speculative interest in narrow agri-commodities futures.

"We have already implemented a host of measures on such commodities as per the advise of an expert committee to bring down the speculative interests within the permissible limits," Mr Rajiv Agarwal, member of the FMC told newspersons here. Mr Agarwal and Mr Kewal Ram, also a member, were in the city to meet various stakeholders of the forward markets in the country.

`Delivery backed'

The FMC will also not reconsider its decision of not debarring investors to take fresh open interest position during the last five day's of the expiry on both option and sellers option contracts. "The FMC is guiding forward markets to be compulsorily delivery backed," Mr Ram said.

Mr Ram admitted that the existing act does not offer the regulator enough scope to regulate the members of the futures markets. "Though we have made it compulsory for broker members to get themselves registered with us, strictly speaking we are entrusted to regulate only the exchanges," he said.

While hoping that the bill for amending the act to give FMC autonomous status would be cleared during this winter season, Mr Ram said that so far the FMC has been successful in making the futures market a safe option for the investors.

In a release issued during the day, the FMC said futures trading has increased from Rs 5.76 lakh crore in 2004-05 to Rs 21.34 lakh crore in 2005-06. During the first six months of the current fiscal, commodity futures markets clocked a turnover of Rs 18.98 lakh crore.

More Stories on : Commodity Exchanges | Regulatory Bodies & Rulings

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FMC: No fresh measures to curb speculative interest

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