Forward Markets Commission (FMC), the commodity markets regulator has invited public comments by 27 September on paying back interest fee deposit to the member on surrendering their membership with the exchange.
FMC has proposed that on receipt of application for surrender of membership from the members, commodity exchanges will have to advertise the same within one month from the date of receipt of such applications.
The regulator has also proposed that in the event of no liability arising on account of the said member's trade the interest free deposit of such member shall be refunded to it by the exchanges at the expiry of one year from the date of publication of such advertisement. So far in absence of norms, exchanges were keeping it for three years. The exchange should also make sure that the surrender of member is given prominent publicity.
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