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The Food and Consumer Affairs Minister, Mr K.V. Thomas, today said the proposed Forward Contract Regulation Act (FCRA) Amendment Bill, 2010 is unlikely to be passed in the current Parliament session.
The Bill is essential for the development of the commodities futures market as it strengthens the regulator FMC by arming it with financial autonomy, facilitates the entry of institutional investors and introduction of new products for trading such as options and indices.
“The FCRA amendment Bill has been referred to the Law Ministry for vetting. It may not be passed in this session of Parliament. It will take some more time,” Thomas told PTI.
After the Law Ministry makes final touches in terms of drafting, it has to be cleared by the Cabinet before placing it before Parliament for consideration and passing, he said.
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