The Forward Markets Commission (FMC) is seeking government approval to include brokers under the purview of the Prevention of Money Laundering Act, FMC Director Kewal Ram said.
Ram was speaking at the National Commodity and Derivatives Exchange’s coriander seed contract launch today.
Ram said a similar arrangement, of getting details of equity brokers, exists with the Securities and Exchange Board of India.
“We issued instructions to exchanges a few weeks ago to prepare a mechanism to give necessary broker-wise information to the regulator,” Ram said.
He said that there have been no incidents of money laundering found in the commodity futures markets in the past despite allegations of terrorists’ money flowing into financial markets.
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