The Forwards Markets Commission has been working on preventing any possible conflict of interest a promoter of a commodity exchange may have between their roles of running the exchange and other businesses such as broking and trading. "So far, we had two rounds of meeting in this regard. We are resolving the issues and guidelines would be finalised by the end of October," said FMC Chairman B C Khatua.
Commodity futures exchanges are set for another round of equity restructuring with the Forward Markets Commission, the regulator, currently finalising guidelines that will require anchor investors to prune their equity holding to 26 per cent from the present 40 per cent after three years but before five years.
In an effort to make awareness among farmers about the benefits of Futures trade in commodities, NCDEX and Forward Market Commission jointly organised an awareness programme here recently.
Intense competition and lifting of trading ban on four agri products will help the commodity futures exchanges end 2009 with a record turnover of up to Rs 70,00,000 crore (Rs 70 trillion), up 39 per cent from last year. The total turnover was at Rs 50,33,872 crore (Rs 50.338 trillion) in 2008.
The turnover of commodity exchanges in the country dropped by seven per cent to Rs 10,14,845.30 crore (Rs 10,148.45 billion) till July 14 in the current financial year against Rs 10,92,426.40 crore (Rs 10,924.26 billion) in the year-ago period.
The Cabinet Committee of Economic Affairs is all set to announce the guidelines for FDI in commodity exchanges. Following this, the Forward Markets Commission is expected to submit the proposal for ownership structure of exchanges before the Union ministry of consumer affairs.
The turnover of 23 commodity bourses rose by 49.38 per cent to Rs 9,04,686 crore (Rs 9,046.86 billion) in August this year despite low business recorded during the month at the leading exchanges, MCX and NMCE, according to the Forward Markets Commission.
Soon, farmers in India will be equipped to check out the futures prices of commodities in their villages.
Last week, after months of scrutiny, the Forward Markets Commission, the regulator for futures trading in commodities, approved a proposal from state-owned MMTC Ltd and finance-to-real estate group Indiabulls to set up a national multi-commodity exchange.
India is at risk of sustained food price inflation as domestic production of key staples such as wheat and edible oil fails to keep pace with rising demand, according to the country's top official on commodities trading.
India's largest commodity bourse--the Multi Commodity Exchange of India --may soon unveil futures contract in gold coins in an attempt to tap the small retail investors across India.
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 National Multi Commodity Exchange is planning to launch turmeric futures of Erode variety soon.
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.
The higher margins imposed on pepper in the wake of volatiluity in the commodity's prices by the Forward Markets Commission is likely to reduced soon.
In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister Nirmala Sitharaman had held forth on the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
The Bombay Stock Exchange is set to pick up 26 per cent stake in India's first demutualised online multi commodity exchange the National Multi-Commodity Exchange.
Tech giant Apple on Wednesday said it has slashed its App Store commission by half to 15 per cent for small businesses earning up to $1 million (about Rs 7.4 crore) per year on the platform. In the past, tech majors Apple and Google have been criticised for the high commissions charged from app developers. Apple, in a statement, said the new developer programme will accelerate innovation and help small businesses and independent developers propel their businesses forward with the next generation of groundbreaking apps on the App Store.
The turnover of commodity exchanges in 2006-07 financial year is likely to touch a whopping Rs 37 lakh crore (Rs 37 trillion), according to the data from Forward Markets Commission.
From setting up cutting-edge facilities to cater to the domestic market and building capabilities of global standards, the action is building up.
Adani group saw a 55 per cent profit surge in the fiscal year ended March 2024 as the apples-to-airport conglomerate is back on an expansion spree and eyeing a $90 billion capex over the next decade. Emerging from a damning report of a US short seller, which hit market value of its listed companies, Adani group in 2023-24 (April 2023 to March 2024) fiscal focused on containing debt, reducing founder share pledge and consolidating business in core competencies.
Ducati would like to develop a motorbike racetrack on the lines of the Buddh International Circuit.
The Reserve Bank has asked banks to encourage borrowers to hedge agri-products on commodity bourses.
Live commerce, quick commerce, group buying, WhatsApp commerce, dukaantech have made their mark.
The cryptocurrency exchanges in India have got a fresh lease of life following the bull run in Bitcoin, which briefly hit a new all-time high of more than $69,000. Siddharth Sogani, managing director of CREBACO, expects the price to cross $1,00,000 by the end of the year. This will see a sharp reversal in the Indian market, which has largely been dormant since the new tax regime was implemented in 2023.
Investigation to be over by weekend, Mumbai police EOW to lodge FIR thereafter.
'The expeditious enactment of labour codes and strategic measures to bridge the skills jobs gap are critical.'
FMC approves commodity bourse's contract-launch calendar for two years.
'When honest, wealthy people come forward to serve India, people should feel proud and welcome them.'
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.
Dabba trades also allow investors to avoid SEBI registration requirements or the margin requirements set by exchanges.
The 1MW solar power plant has been set up at an investment of Rs 10.3 crore (Rs 103 million) and was commissioned this month, the company said in statement.
Commodity futures market's dream run came to a halt in 2013 as a Rs 5,600 crore scam in Jignesh Shah-led spot exchange NSEL and imposition of transaction tax on non-farm items hampered the growth of business, with turnover estimated to dip by 30 per cent to Rs 125 lakh crore.
Mergers and acquisitions would continue to create big corporate conglomerates but there is a need to draw a red line to avoid dominance and curbing of open competition in market by them, he said while addressing a conference on competition issues in New Delhi.
FMC has been asked to go ahead with the appointment of 20 experts, which the commission had sought earlier.
NSEL had earlier suspended trading and merged the settlement cycles of all one-day forward contracts.
