The Forward Markets Commission (FMC) of India was the regulatory body overseeing commodity futures markets in India. It was established in 1953 under the Forward Contracts (Regulation) Act (FCRA) to regulate and promote the commodity futures market in India.
The FMC had various
responsibilities, including
1. Regulation
It regulated commodity futures
exchanges, ensuring fair trading practices, transparency, and investor
protection.
2. Market Oversight
FMC monitored the functioning of
commodity futures markets, including trading activities, price discovery
mechanisms, and risk management systems.
3. Market Development
FMC worked towards the
development and growth of commodity futures markets in India by introducing new
products, enhancing market infrastructure, and promoting investor education and
awareness.
4. Enforcement
FMC had the authority to
investigate and take enforcement actions against violations of regulations,
market manipulation, and fraudulent activities in commodity futures trading.
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