 "Headless FMC's senior member, directors also moving out")
The Forward Markets Commission (FMC), regulator for commodity derivatives, is headless with chairman Ramesh Abhishek’s term having ended on Wednesday and no successor appointed.
Sources say this is preparation for merging FMC with the securities market regulator, Securities and Exchange Board of India (Sebi), proposed in this year's Union Budget. However, the senior-most member has also been transferred and three directors who were on deputation from various government departments have also left.
Meanwhile, the government has appointed a four- member committee headed by Ajay Tyagi, additional secretary, finance ministry, on the merger. The latter is expected to take another four to six months. However, says a leading entity in the market, “If a problem arises, someone should be in charge”. He said the committee appointed to oversee the merger should take charge of commodity derivatives till Sebi formally does so.
Sources say this is preparation for merging FMC with the securities market regulator, Securities and Exchange Board of India (Sebi), proposed in this year's Union Budget. However, the senior-most member has also been transferred and three directors who were on deputation from various government departments have also left.
Meanwhile, the government has appointed a four- member committee headed by Ajay Tyagi, additional secretary, finance ministry, on the merger. The latter is expected to take another four to six months. However, says a leading entity in the market, “If a problem arises, someone should be in charge”. He said the committee appointed to oversee the merger should take charge of commodity derivatives till Sebi formally does so.