| "The entry of FIIs and mutual funds is being dealt together by the government and will get a nod in the next 5-7 months. FMC has already submitted its report, recommending the same, late last month," he said. |
| "Also, we must not think that there is any delay in getting clearances. Its barely a year that the regulator (that is, FMC) has been functional. We need to work out the regulation mechanism and safeguards for FIIs and Mfs." |
| On the entry of banks, he said, "Banks' participation is required in a different sense""possibly as a financer to farmers, an aggregator or even as a clearing agent. The decision on the matter will finally rest with The Reserve Bank of India." |
| Banks' entry into commodites would require an amendment of the Banking Regulation Act. On the issue of stricter penalty in case of delivery failure, he said FMC has recommended it and it will be more than 2 per cent compared to current 0.5 per cent". |
| On the requirement of professionals, "The sector requires an army of trained manpower. We are planning to conduct about 50 programmes for public awareness, along with exchanges. Also we are working with various education institutions to include capsules with regard to the sector." |
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