The Hindu Business Line : FMC hints at tough measures against manipulators

Mumbai, Sept. 3 Commodity market regulator Forward Markets Commission (FMC) has indicated that tough measures will be taken on market manipulators to infuse confidence among participants. Addressing western zone members of the national exchanges, the FMC Chairman, Mr B.C. Khatua, said: “To ensure greater participation in the market, there was a need for a more stringent and responsive regulation that would increase the confidence of market participants in the market, maintain financial and market integrity, and discourage malpractices.”

Dr. Kewal Ram and Mr Rajeev Agarwal, members of the Commission, and around 30 members of the exchanges attended the meeting.

Mr Khatua said that regulation had become a challenging task now as manipulators too were well versed with sophisticated technology. “Strengthening the legal framework, which has become somewhat dated, will enable the regulator meet the challenges thrown by the market,” he said. Mr Khatua also directed members and exchanges not to focus on profits alone. “The exchanges and their members should not only strengthen their capital base but also put in place a comprehensive and transparent governance structure,” he said.

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