Regulations for new commodity law in 10 days - official
MUMBAI (Reuters) - The Forward Markets Commission (FMC), India's commodity markets regulator, will notify certain regulations of the recently amended commodity law in the next 10 days, a senior official with the regulator said.
"We will notify regulations relating to brokers and vigilance mechanism in 8-10 days," said B.C. Khatua, chairman, FMC told reporters on the sidelines of a press conference.
India on Jan. 24 approved an ordinance, passing the Forward Contracts Regulation Amendment Bill 2006. The new law gives more powers to the regulator and allows trading in non deliverable contracts like weather and freight derivatives.
India, which allowed futures trading in commodities, has 3 national bourses and 21 domestic bourses.
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