Govt Urged To Amend Forwards Contract Regulation Act

Forwards Markets Commission (FMC) has asked the government to facilitate amendment in the Forwards Contract Regulation Act so that the commission can prevent illegal forwards/futures trade in commodities. After the amendment takes place, the commission can take tough measures along with increasing the amount of fine imposed for illegal trade.

Currently, the fine imposed on a trader for signing illegal contracts in commodity trade is only Rs 1,000.