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The Forward Markets Commission (FMC) has reconstituted risk management group (RMG) for the third time in view of challenges being faced by the commodity futures markets with regards to risks associated with domestic and global issues.
Headed by Prof J R Verma, chairman of Indian Institute of Management, Ahmedabad, the RMG will have representations from Sebi, FMC, Bombay Stock Exchange, IFFCO, HSBC, national commodity exchanges, media and a host of other diversified fields.
The RMG was first constituted on February 21, 2005 to assist the FMC in formulating risk management policies and guidelines form commodities derivatives markets. But, due to non availability of some of the members and new developments in the market, the RMG was re-constituted on March 23, 2007.
“A need has been felt to re-constitute and widen the RMG by including members from a wide gamut of sectors. The committee may co-opt any other member from time-to-time considering the knowledge, expertise and experience in the field of risk management,” an FMC statement said.
