Suspected manipulation by a trading syndicate in Indian
markets has entered the limelight following the move last month
by the country's National Commodity and Derivatives Exchange
(NCDEX) to change its settlement process just before
On 19 January, NCDEX announced that the settlement pricing
for its two major agricultural commodity futures contracts,
Channa and Urad, would be calculated over a five-day averaging
period rather than a single price at settlement.
The regulator, Forwards Markets Commission (FMC), ordered a
reversal of the decision later that day, as NCDEX had not
sought its permission, and has since demanded that the most
senior exchange official responsible for the decision be
removed from core duties.
This article is available exclusively to subscribers
Please log in to continue reading.
Not yet a subscriber?
Click here to take a free trial.
Already have an account? |
Please fill in your details below and a customer service representative will contact you.