Comments
In a significant move, the Government today said commodities market watchdog FMC will be merged with the capital market regulator SEBI.
After the emergence of a major crisis at National Spot Exchange Ltd, the Forward Markets Commission (FMC) was last year brought under the Finance Ministry.
Presenting his maiden full-fledged Budget today, Finance Minister Arun Jaitley said the government would merge “FMC with SEBI’’.
The proposed merger would help streamline the monitoring of commodity futures trading and curb wild speculations, he added.
To implement the merger, the Securities Contracts (Regulation) Act (SCRA) as well as the Forward Contracts (Regulation) Act (FCRA) would need amendments.
The Financial Sector Legislative Reforms Commission (FSLRC) had recommended that SEBI, IRDA, PFRDA and FMC should be merged into a single entity into a unified financial agency (UFA).
In September 2013, FMC was brought under the Finance Ministry.
The move came in the wake of the Rs 5,600-crore payment crisis at NSEL. Earlier, FMC was with the Consumer Affairs Ministry.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.