The government on Monday extended the tenure of the Forward Market Commission (FMC) Chairman B C Khatua by one year. Official sources confirmed the development, saying, “Perhaps, continuity could be the major factor for the government to take this decision (for extension).”
Khatua was appointed as the chairman of FMC, the regulator of the commodity derivatives market, in May 2007. He was scheduled to retire on July 30, at the age of 60. He was very much required here, said a senior FMC official, since regulation in commodity derivatives market strengthened during his tenure.
Meanwhile, Khatua plans to push for the pending Forwards Contract Regulation Act Amendment Bill. “I am confident that the Parliament will surely pass the Bill in the ongoing monsoon session, or in the immediate next session. In my extended tenure, I would surely push for it,” Khatua said.