History
Established in 1953 under the provisions of the Forward Contracts (Regulation) Act, 1952, it consists of two to four members, all appointed by the Indian Government. Currently, the Commission allows commodity trading in 21 exchanges in India, of which 5 are national.
Uniquely the FMC falls under the Ministry of Consumer Affairs, Food and Public Distribution and not the finance ministry as in most countries. This is because futures, traded in India, are traditionally on food commodities. However, this has been changing and there have been calls for change in the industry and in regulation. One proposal is the merging the commodities derivatives and securities regulation by including the Forward Market Commission within the Securities and Exchange Board of India (SEBI), the primary securities regulator in India. However as of 2003 there is no clear consensus for this move.
Read more about this topic: Forward Markets Commission (India)
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