Commodities

Ramesh Abhishek is new FMC chairman

PTI New Delhi | Updated on September 24, 2012

The government today said it has appointed Ramesh Abhishek, an IAS officer of 1982 Bihar cadre, as chairman of Forward Markets Commission (FMC).

Abhishek, who is presently a member of the FMC, has been elevated as FMC chief in the rank and pay scale of additional secretary level, an official release said.

The FMC Chairman told PTI, “We want to focus on two main areas. One is to improve hedging by aligning our market with the physical market, and the other is to make the futures market more useful to farmers.”

On the falling turnover of commodities in futures market, Abhishek said, “The turnover has been lower in the last five months, especially in bullion, while other commodities such as agriculture have gone up. We are more concerned about quality of turnover not on quantity.”

He emphasised that efforts will be made to make volumes more relevant and ensure a balance in speculation and hedging activities.

The turnover at 21 commodity exchanges has come down by two per cent to Rs 71.39 lakh crore during the April-August period of the current fiscal, against Rs 72.85 lakh crore in the same period last year.

The FMC regulates five national and 16 regional level exchanges in the country.

Published on September 24, 2012

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