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New Delhi, Jan. 22

The Union Cabinet may give the go-ahead for promulgation of an Ordinance to make the Forward Markets Commission (FMC) an autonomous regulatory body for all commodity exchanges, when it meets next on Thursday. Indicating this at a conference on ‘Commodity Futures Market: Riding the Growth Phase’, organised by the Associated Chambers of Commerce and Industry of India (Assocham) here on Tuesday, the Minister of State for Food Processing Industries, Mr Subodh Kant Sahay, said that the ordinance would be precursor to a Bill in Parliament to amend the Forward Contracts Regulation Act, 1952. The latter would be introduced in the coming Budget session, he added. The FMC Chairman, Mr B.C. Khatua, said that the proposed ordinance would enable the regulator to impose penalties according to requirement. “Currently we have a sledgehammer to swat flies and the penalties seem too small for gross violators,” he noted. It will also give FMC the power to decide on its own the ordinance also aims to empower FMC to launch options and indices trading, which are necessary to deepen the market. —

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