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| FMC hopeful of passage of FCRA bill in winter session |
| Press Trust of India / New Delhi Oct 12, 2009, 17:29 IST |
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The Forward Markets Commission (FMC) is hopeful of passage of the FCRA amendment bill, that will give more teeth to the commodity futures market regulator, in the winter session of Parliament.
The Bill, if passed, will empower FMC to take key decisions such as recognising or de-recognising commodity bourses, raising fees from exchange members and imposing penalty on errant market entities.
"The winter session (November-December) may see the clearance of the amendment in Forward Contracts (Regulation) Act," FMC Chairman B C Khatua told PTI.
"Now practically, we do not see any possible hurdle for the passage of the bill, Khatua said.
The FCRA amendment bill could not be passed during the 14th Lok Sabha and lapsed with the dissolution of the lower House. A major reason for this was Left parties' opposition to the amendment.
The prime concern at present is to have autonomous power to regulate the market and guide commodity exchanges on the right path, he noted.
If passed in the same manner as was drafted, it will help in launching options and indices to deepen the market. However, these products are not going to be introduced overnight even if the law permits them, he said.
The regulator said the winter session, slated to begin in the second week of November, has no pressure of Budget and so should relatively devote more time for legislative business.
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