Exchange sources in India have hailed the expected move to make
Forward Markets Commission (FMC) independent and strengthen its
powers as a significant boost to a market which has previously
suffered from political interference.
According to Indias food processing minister, Subodh Kant
Sahai, a January 24 cabinet meeting is expected to grant the
futures regulator autonomy as well as handing it a number of
powers to counter market manipulation and price fixing. FMC has
to date been governed by the Consumer Affairs Ministry and
found its hands tied when bans were instituted on trading in
wheat, pulse and rice futures last year.
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