14-year FMC 'banvas' to get over this yr: Khatua

The 14-year “banvas” for the commodities market regulator is likely to get over this year with the passing of the Amendment Bill of the Forward Contract Regulation Act (FCRA), Forward Markets Commission (FMC) chairman BC Khatua said. Referring to the empowerment of the FMC to regulate the commodity markets more efficiently, Khatua said the banishment (banvas) started actually in 1991 for the first time when the matter was referred to the Parliamentary Standing Committee, well before the commodity futures exchanges started operations. Referring to Friday's meeting of the Parliamentary Standing Committee which oversees the FCRA Amendment Bill, Khatua said, “We can not divulge what was discussed within four walls but, we can say that the banvas is going to be over this year.”