Forward Markets Commission

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Forward Markets Commission
Founded 1953
Headquarters Mumbai, India
Web site www.fmc.gov.in

The Forward Markets Commission [1] is a commodities market regulatory authority overseen by the Ministry of Consumer Affairs and Public Distribution of the government of India.

History

The Commission was established under the Forward Contracts Regulation Act of 1952, [2] legislation created to provide for the regulation of certain matters relating to forward contracts, the prohibition of options in goods and for matters connected therewith.

Products and Services

The functions of the Forward Markets Commission are:

  • To advise the Central Government in the recognition or the withdrawal of recognition from any association or with respect to any other matter arising out of the administration of the Forward Contracts (Regulation) Act 1952.
  • To keep forward markets under observation and take such action in relation to them, as it may consider necessary, in exercise of the powers assigned to it by or under the Act.
  • To collect and, whenever the Commission thinks it necessary, publish information regarding the trading conditions in respect of goods to which any of the provisions of the Act is made applicable, including information regarding supply, demand and prices, and to submit to the Central Government, periodic reports on the working of forward markets relating to such goods.
  • To make recommendations generally with a view to improving the organization and working of forward markets.
  • To undertake the inspection of the accounts and other documents of any recognized association or registered association or any member of such association whenever it considers it necessary.

The commodities overseen include:

  • Fibres and Manufacturers
  • Spices
  • Edible Oilseeds and Oil
  • Pulses
  • Energy Products
  • Vegetables
  • Metals
  • Others

Key People

Shri B.C. Khatua is chairman of the Commission. Dr. Kewal Ram and Shri Rajeev kumar Agarwal are members of the Commission.

References

  1. Introduction. Forward Markets Commission.
  2. Forward Contracts Regulation Act. Forward Markets Commission.