Amended FCRA would empower FMC: Chairman

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

Speaking to mediapersons after a conference of the members of the National Commodities Exchanges in the south zone, Mr Sundareshan 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 commodities market.

Expressing hope 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 markets.

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 awareness programmes in coordination with the regional and national exchanges for farmers, processors, exporters, banks, warehouse officials and members of exchanges, he said.

The programmes would help in attracting different segments of the economy to the market.

Apart from awareness programmes, FMC was also conducting training programmes for the staff of exchanges and various stakeholders in the market including farmers, cooperative societies, bank and governemnt officials involved in the policy making process for the agricultural sector, Mr Sundereshan said.

UNI