Amended FCRA to empower commission: FMC Chairman

Kochi, Dec 8 (UNI) Forward Markets Commission (FMC) Chairman S Sundareshan today said the amended Forward Contract Regulation Act (FCRA) would give more teeth the commission to efficiently regulate the commodities market.

Speaking on the occasion, after a members meet of the National Commodities Exchanges in the South zone, Mr Sundaresan said the Bill for amendment, under consideration of the Parliament Standing Committee, would empower the FMC to regulate the market and to levy appropriate fine for misconduct in the market.

Expressing confidence that the bill would be passed in the next Parliament session, he said the Act would also facilitate FMC to introduce options and derivatives in the market.

Mr Sundereshan said new talent in the field of economics, accountancy and law, which was needed for the organisation, can also be attracted.

The FMC was also conducting an awareness programmes in co-ordination with the national and regional exchanges for farmers, processors, exporters, banks, warehouse officials and members of exchanges. The programmes would help in attracting different segments of the economy in the market.

Apart from sensitisation programmes, FMC was also conducting training programmes for the personnel of exchanges and various stakeholders in the market, including farmers, co-operative societies, bank and government officials involved in the policy making process in the agricultural sector, Mr Sundereshan added.

UNI MA VR 1704