'I actually find it quite funny that people who have never held a cricket bat or a tennis racket or a boxing glove in their hand can have such a big opinion about what you do professionally.'
Since April 4, around 35 importers in India have either not received any shipment of the magnets or have not been granted the import licences by China.
FMC has been asked to go ahead with the appointment of 20 experts, which the commission had sought earlier.
India's apex commodities market regulator the Forward Market Commission (FMC) says there is no plan now to ban futures trading in any other commodity.
The Sebi Act deals with securities and the definition of securities, according to the Securities Contracts Act, doesn't include commodities.
In September 2013, FMC was brought under the Finance Ministry.
FMC chairman B C Khatua said differential margins were being considered as the perceived risk of hedgers and speculators was different.
Commodity market regulator Forward Markets Commission may not allow futures trading in cement.
Officials in the FMC said the regulator is planning to permit active role for the state marketing federations in commodity futures trading.
The FMC on Thursday barred the National Spot Exchange and group firms from auctions of commodities held by the bourse after a complaint that firms related to the former managing director took part in the bidding process.
Will get powers to levy fines and penalties and allow options trading in commodities.
Giving a reform boost to the commodity futures market, the government on Thursday cleared a Bill that seeks to provide more power including financial autonomy to regulator FMC and introduce new categories of products.
Exchanges had sought clarifications from the commodity markets regulator on this.
The manpower requirement will be met with the officers from FMC (both cadre and deputation) and by new hiring.
FMC chairman S Sundareshan, while delivering a lecture on 'Commodity Future in India,' strongly advocated the participation of the crucial financial sector in commodities.
In an effort to boost commodity trading in the country, the much-awaited amendments to the Forward Contract and Regulations Act of 1952 will happen during the Budget session of the Parliament.
In a severe indictment, commodity market regulator FMC has said Jignesh Shah and his firm FTIL are not 'fit and proper' to run any exchange in the country and charged him of being the "highest beneficiary" in the NSEL scam.
According to said M L Parekh, Director of All India Spices Exporters Forum, exporters will also demand lowering of the margin requirements of pepper during the meeting.
The Centre may soon come out with an ordinance to amend the Forward Contracts (Regulation) Act to give autonomy to commodity market regulator Forward Markets Commission. "The issue is likely to come up before the Cabinet on January 24," Minister of State for Food Processing Industries Subodh Kant Sahai said on the sidelines of an Assocham-organised conference on futures trading.
The regulator has doubled the deposit money that a trader is required to keep with exchanges for trading in turmeric following unusual price movement.
The Forward Markets Commission, the apex commodity futures regulator in India, plans to collaborate with commodity organizations in other countries to strengthen its regulatory arm.
The Cabinet cleared amendments to the Forward Contracts (Regulation) Act, giving the FMC autonomy and including various provisions aimed at developing the market. Business Standard spoke to Khatua on how the amendments will impact the markets once it comes into force.
The process has been suspended for the time being as Agriculture, Food & Consumer Affairs Minister Sharad Pawar, a political heavyweight, is opposed to any intrusion into his turf.
In what could hit trading on Power Exchange of India Ltd, the Forward Markets Commission has warned it to cease trading in contracts beyond 11 days of payment and delivery. The FMC has also advised traders to desist from trading such contracts on PXIL.
In its order that rejected a proposal by NCDEX to slash the transaction charges in its evening session of trade, FMC said the exchange's settlement guarantee fund has fallen to meagre Rs.5.05 lakh at the end of calendar year 2008. Performance audit done by the auditors at the behest of FMC shows that the exchange also earned an interest of Rs.24.87 crore on this fund during March 2004 to March 2006.
The stock market watchdog had said any adverse findings by other regulators might have a bearing on the exchange.
India's commodity markets regulator, the Forward Markets Commission has urged commodity exchanges to review the mechanism of spot market prices. In an interview to a leading business daily, FMC Chairman B C Khatua said the commodity exchanges should widen the sample size of the poll participants for spot market prices.
Commodity exchanges are all restructuring their boards of directors, after the recently issued guidelines of the Forward Markets Commission.
Besides introducing a penalty for illegal trading, the Forward Markets Commission has announced a uniform penalty structure for all the commodity exchanges, while raising the penalty amount for various other offences.
The Kotak group is set to launch the country's fifth national commodity exchange, in association with the Ahmedabad Commodity Exchange (ACE), in which it is picking up a majority equity stake as an anchor investor.
DEA officials to push for this at a meeting with FM Jaitley.
Coal India looks set to achieve its 2024-25 (FY25) production targets. If it can achieve its aim of ramping up Fuel Supply Agreement (FSA) and e-auction volumes, along with cost-saving, evacuation and infrastructure-improvement projects, the company could maintain its momentum as a critical infrastructure and core industry performer. Analysts estimate e-auction volumes of 108 million tonnes (MT) in FY25 and 120 MT for FY26, which is encouraging given the premium of e-auction prices which are consistently over 50 per cent higher than FSA.
Largest bidder says FTIL not following correct process and MCX not extending cooperation; FTIL and MCX say cooperating fully
Forward Market Commission's recent introduction of two rules to rein in highly volatile pepper market has come in for serious criticism from traders and farmers alike.
In a step to study the functioning of regional exchanges and recommend measures to strengthen them, Commodity market regulator Forward Markets Commission has constituted a task force.
Chokshi and Chokshi, which was given December-end deadline to complete the audit of e-series contracts at NSEL, had sought extension to finish the work.
Voices of concern over cumin seed and pepper delivery and quality standards were aired at a meeting of traders and hedgers called by the Forward Markets Commission.
The Income Tax department has declined to share details of probe being carried out in Rs 5,600 crore (Rs 56 billion) payment default by National Spot Exchange Limited (NSEL) saying it would "hamper the process of investigation or apprehension of offenders".
US auto major Ford Motor Co will shut its two manufacturing plants in India and will sell only imported vehicles in the country as part of a restructuring exercise, according to people aware of the development. The company, which invested about USD 2.5 billion at its Chennai (Tamil Nadu) and Sanand (Gujarat) plants, will stop selling vehicles such as the EcoSport, Figo and Aspire which are produced from these plants. Going ahead, it would only sell imported vehicles like Mustang in the country.
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