FMC task force to study operations of regional comexes

Commodity market regulator Forward Markets Commission (FMC) has constituted a task force, comprising its own officials, to study the functioning of regional exchanges and recommend measures to strengthen them.

"The commission has constituted a task force to study the present status of the regional commodity exchanges," FMC said in a release.

The task force will also suggest suitable measures to improve the performance and to strengthen the functioning of the regional exchanges, it said.

The task force is likely to submit its report within two months, FMC Director Anupam Mishra, who is a member of the four-member body, told. He said the major emphasis would be on identifying issues faced by these exchanges so that they can be made competitive.

However, the task force will not touch the issue of demutualisation of the regional exchanges, which is likely to take place after the amendment in Forward Contracts (Regulation) Act is passed, he said, adding that the first meeting would be convened soon. Other members of the task force include P K Singhal, Sanjay Lunia and Prabhakar Patil.

Meanwhile, the turnover of 20 regional exchanges was Rs 4,466.46 crore in the first fortnight of August this year.

Among the regional bourses, Indore-based National Board of Trade registered a business of Rs 3,128.26 crore followed by Hapur's Chamber of Commerce at Rs 643.81 crore.