Commodity markets regulator, the Forward Markets Commission (FMC), would be inducting seven new directors. "We have selected seven new directors and are awaiting the nod from various Government departments for their appointments," FMC Chairman B C Khatua said here today.
Of the 12 directors the FMC is entitled to have, the watchdog currently has only three. The FMC's work was suffering due to shortage of manpower. The appointment of new directors will strengthen the commission, Khatua said.
The directors' tasks include recognition and upgradation of exchanges, monitoring trade data, inspection and audit of exchanges, their members and other intermediaries, market research, price analysis, conducting surveys and maintaining and developing a database.
The Indian commodities sector has registered a phenomenal growth in the past few years.
The total turnover of 23 commodity exchanges jumped by around 50 per cent to Rs 73,50,974 crore till February 15 in 2009-10, FMC data said.
The total turnover of the commodity exchanges was Rs 49,07,310 crore in the same period. There are four national and 19 regional bourses in the country.