FCRA Bill likely to be sent to Cabinet by next week: Thomas
He, however, declined to comment on the changes that FCRA is making in the bill
The Forward Contract Regulation Act (FCRA) Amendment Bill that aims to give more powers to commodity markets regulator FMC may be sent to the Cabinet for approval by next week.
"What I propose is maybe in this week or next week we will be able to send the entire file with the amendments given by Standing Committee to the Cabinet and get their approval," Food and Consumer Affairs Minister K V Thomas said, when asked whether the FCRA bill will be introduced in Monsoon Session.
He said the ministry is trying its best to see that FCRA bill is brought in the monsoon session of the Parliament.
The Consumer Affairs ministry is analysing the Standing Committee's recommendations on the FCRA Bill and after making the required changes, it will be sent for Cabinet approval.
"Department (Consumer Affairs) is analysing the Standing Committee's recommendations and necessary changes will be made and that will be put before the Cabinet at the earliest possible," Thomas said on the sidelines of Ficci seminar on commodity market.
He, however, declined to share the changes that ministry is making in the FCRA Bill.
The Bill is essential for the development of commodities futures market as it aims to strengthen the regulator FMC by providing it financial autonomy, facilitate the entry of institutional investors and introduce new products for trading such as options and indices.
Earlier addressing the seminar, Thomas said that the amendment in FCRA is "certainly necessary" to strengthen the regulatory mechanism.
"The proposed amendment of FCRA would enable the FMC to play a more effective role in regulation of these markets. The amendment would also bring in much-needed new products such as options," he added.