Union Government on 28 August 2015 notified the merger of commodities market regulator Forward Markets Commission (FMC) with Securities and Exchange Board of India (SEBI). Its merging will be effective from 28 September 2015.
For this purpose, the government repealed the Forward Contracts Regulation Act (FCRA) 1952 and made a way to shift the Regulation of Commodity Derivatives Market to SEBI under Securities Contracts Regulation Act (SCRA) 1956.
An official press release said, Finance Minister Arun Jaitley, in his Budget speech, had announced the merger of FMC with the capital market regulator SEBI to strengthen the regulation of commodity futures market.
A unified regulator for commodities and capital markets will help streamline monitoring of commodity futures trading and curb wild speculations.
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What: To be merged with SEBI