FMC to review de-listed MCX contracts in September

The Forward Market Commission (FMC) on Saturday said that it will review the contracts delisted from MCX only in September. "We are looking at the contracts and will take a call on whether to give permission for their re-listing only in September," FMC chairman Ramesh Abhishek told reporters on the sidelines of a conference on commodities.

In April, MCX had discontinued six futures trading contracts in gold and silver expiring in 2015 due to procedural problems. The exchange also asked traders to square off their trading positions in three contracts - gold February 2015, 'kapas'(cotton) March 2015 and 'kapas' April 2015.

The regulator said its permission is required to allow trading on all those contracts which have been delisted.

The exchange withdrew one gold contract expiring in April 2015 and three 'silver 1000' contracts each set to expire in January, February and March of next year, it said. MCX discontinued one 'silver mini' contract and one 'silver' contract that were to expire in February and March next year with effect from April 29.

The exchange said the withdrawal of the six far-month contracts in the two commodities is a "procedural issue" and "is not in relation with FMC's December 17, 2013, order, wherein the regulator had declared erstwhile promoter Financial Technologies India Ltd (FTIL) as "not fit and proper' to hold more than a two per cent stake in the bourse.

FMC also said that all the auditors of MCX have been directed to conduct an internal review, findings of which have not yet been shared with the regulator. EoM