FMC fixes Jan 1 as final registration deadline

The Forward Market Commission (FMC) has set a final deadline for the registration of traders-January 1, 2006.

"No trader would be permitted to trade on any of the exchanges without the unique identification code/password, issued by the FMC after the deadline," said Anupam Mishra, IES, director, FMC.

Mishra said: "We will soon issue orders by October 31, and give exchanges 1 month to comply with the order and provide details of traders registered, before we send out application forms to the respective exchanges," Anupam said, adding, the registration would be free of charge.

FMC believes that for one months' time would be enough for the exchanges to draw up a detailed list of the traders, no matter how far he is physically. Approximately 3,754 traders are doing their business on daily basis on 25 commodity exchanges across the country and some of them exist far away from both exchange and FMC.

Commodities futures exchanges have denied having official knowledge of any such move of FMC.