Four FMC nominees on board of commodity bourses

The commodity market regulator FMC has changed its nominees on the boards of commodity exchanges, for the next two years.

The regulator has replaced its existing nominees and has appointed four new members effective December 23, 2008, Forward Markets Commission (FMC) said in a statement.

FMC Director Anupam Mishra, who was on the board of NCDEX, is nominated for MCX. Sanjay Lunia and Prabhakar Patil replace P K Singhal for NCDEX and Cotton Association of India (CAI) respectively. P K Singhal was on the board of both NCDEX and CAI in the last tenure, FMC stated.

Economic Adviser K S Uma will be on NMCE board, it added.

FMC nominates its members to professionally manage the commodity bourses. According to FMC, the nominated members will be on the board from December 23, 2008 to March 31, 2010.

The regulator has also revised daily price limit for bullion, metals, energy and agri commodities, with effect from January 1.

The maximum daily price limit for bullion, metals energy and environment-related products would be 9%, which is bifurcated into base-price limit of four per cent followed by two slabs of relaxation of two and three per cent respectively, FMC statement said.

With respect to agri-commodities, the maximum daily price cap is fixed at 4%, with a base-price limit of three per cent followed by one slab of relaxation of 1%, it said.

The total turnover of 22 commodity exchanges rose 35.62% to Rs 3,684,795 crore during first nine months of the current fiscal.

Business in bullion stood maximum at Rs 2,023,441 crore during the review period, the FMC data showed.