The Hindu Business Line : FMC warns against trading on foreign bourses

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Mumbai March 5 Commodity futures market regulator - Forward Markets Commission - has once again issued a warning to all those clandestinely conducting real time trading in commodity derivatives on foreign bourses.

In a press note issued here on Monday, FMC has threatened penal action against persons indulging in real time trading in a commodity by opening the terminals of foreign commodity exchanges in India without prior approval of the Union Government or FMC.

`Received reports'

According to the regulator, any forward contract would be considered illegal and void if it is other than that a) entered into between members of a recognised association or through or with such members in goods that are notified under Section of 15 of Forward Contracts Regulation Act; b) complying with the by-laws of recognised exchanges; and c) not in violation of any contract specification.

It has claimed to have received reports of real time trading in commodity derivatives on foreign bourses. As to what steps the regulator took since April last to identify and apprehend culprits is not known.

More Stories on : Regulatory Bodies & Rulings | Commodity Markets

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