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The merger of commodities regulator Forward Markets Commission (FMC) with SEBI is likely to be done by September. The SEBI board discussed operational issues relating to the merger of the Forward Markets Commission (FMC) with SEBI in its meeting on Tuesday.
Speaking on the issue, UK Sinha, Chairman, SEBI, said, “We are reviewing every guideline, every circular issued by FMC and doing a gap analysis of the working/processes of FMC and SEBI. After this we will have our own set of rules.”
All issues related to shareholding, governance, demutualisation that are in the domain of SEBI would also be applicable to the entities belonging to the commodities space such as commodity exchanges, brokers and the like.
However, Sinha said these entities would be given sufficient time to comply with the norms.
FMC employees found relevant by SEBI post merger would be absorbed by the markets regulator while the remaining would be absorbed by the government in their parent departments, Sinha added.
Mumbai-headquartered FMC was set up in 1953 under the Forward Contracts (Regulation) Act (FCRA) as a statutory body under the aegis of Consumer Affairs Ministry.
It was brought under Finance Ministry in 2013.
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