Amid the deepening of payment crisis at the National Spot Exchange, the Government is examining a proposal to bring commodity markets FMC under the purview of the Finance Ministry.
“We have received such a proposal from the Finance Ministry. We are examining it,” a senior Consumer Affairs Ministry official told the news agency. At present, Forward Markets Commission (FMC) is regulated by the Consumer Affairs Ministry. When contacted, a senior Finance Ministry official said “no decision has been taken yet”.
Finance Ministry oversees the operations of several regulators, including Sebi, Irda and PFRDA. Bringing FMC under the purview of Finance Ministry will ensure better co-ordination of regulators, officials said. The FMC has drawn flak for not being able to ensure smooth functioning of National Spot Exchange ltd (NSEl). NSEl had to shut down its operation earlier this month, following the Government direction in the wake of violation of certain rules.