Forward Markets Commission officially merges with SEBI
Updated: Sep 28, 2015 12:52:33pm
Mumbai, Sept 28 (KNN) The commodities regulatory body Forward Markets Commission (FMC) today merged with the capital markets watchdog Securities and Exchange Board of India (Sebi), with finance minister Arun Jaitley ringing the customary stock market bell to formalize the amalgamation.
This is the first ever merger of two regulators.
Sebi chairman U K Sinha said that the commodities market entities would get a timeframe of up to one year to adjust to the new regulations as they would have to follow the same norms that are applicable to their peers in the equity segment.
He said that the entire process has “all been very well thought out” and the regulator has also brought out a handbook for the benefit of all entities by making them aware about various rules and regulations. Sebi’s whole-time member Rajeev Kumar Agarwal would oversee the commodities market regulation in the merged entity under the overall guidance of the Sebi chairman.
At the event, department of economic affairs secretary Shaktikanta Das said, “Unleashing the process of reforms is a continuous process. We don’t wait for the budget.” (KNN Bureau)
This is the first ever merger of two regulators.
Sebi chairman U K Sinha said that the commodities market entities would get a timeframe of up to one year to adjust to the new regulations as they would have to follow the same norms that are applicable to their peers in the equity segment.
He said that the entire process has “all been very well thought out” and the regulator has also brought out a handbook for the benefit of all entities by making them aware about various rules and regulations. Sebi’s whole-time member Rajeev Kumar Agarwal would oversee the commodities market regulation in the merged entity under the overall guidance of the Sebi chairman.
At the event, department of economic affairs secretary Shaktikanta Das said, “Unleashing the process of reforms is a continuous process. We don’t wait for the budget.” (KNN Bureau)
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