Government Gives FMC Power to Ensure NSEL Settles Dues

7/27/2019 Government Gives FMC Power to Ensure NSEL Settles Dues

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The government issued a notification empowering the 

commodity derivatives regulator FMC to look into the Rs 5,600 

crore-settlement.

Government gives FMC power toensure NSEL settles dues

READ MORE ON » stocks | NSEL | Forward Market Commission | Consumer Affairs Minister | Commodity Participants

Association | Anand Rathi

NEW DELHI: The government on

Wednesday issued a notification

empowering the commodity derivatives

regulator Forward Market Commission

(FMC) to look into the Rs 5,600 crore-

settlement issue between National Spot

Exchange (NSEL) and investors.

"We have issued the notification. With this

the FMC will take the overall supervision of the matter. We have made it clear that if they

need any amendment in law or any reform we will do it," food and consumer affairs

minister KV Thomas told ET. The minister said that now with the issue under the FMC

review the regulator will take its due course of time to settle the issue. "Investors need to

be assured and not panic. We have taken a stock of the situation," he said.

The expected move has come after NSEL suspended trade in spot contracts and

deferred settlements. Acknowledging the issuance of the notification, Ramesh Abhishek,

chairman, FMC, said that the necessary steps would be taken. Issued by the ministry ofconsumer affairs, food and public distribution, the notification issued on Tuesday said

that the settlement of all outstanding one-day forward contracts at NSEL shall be done

under the supervision of FMC and any order or direction issued by FMC in this regard

shall be binding upon the NSEL and any person, intermediary or warehouse connected

with NSEL and for this purpose, the FMC is authorised to take such measures, as it

deems fit.

In addition, the notification said that to protect the interests of commodity market

participants, no trading in the existing e-series contracts and no further or fresh one-day

forward contracts in any commodity shall be undertaken on NSEL without the prior

approval of the central government.

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rnment gives FMC power to ensure NSEL settles dues - The Econom... http://economictimes.indiatimes.com/markets/regulation/governm

11/08/2013

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It is a great irony that the agency which has been responsible for creating this mess by

abdicating its power to regulate is given powers to clean up the mess.

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On Monday, top commodity brokers from Anand Rathi, chairman, Anand Rathi

Commodities, Sunil Sarda, MD, Systematix Shares and Stocks and BK Sabharwal,

president of the Commodity Participants Association met the minister demanding

assurance of getting the settlement at the earliest.

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READ MORE ON » stocks | NSEL | Forward Market Commission | Consumer Affairs Minister | Commodity Participants

Association | Anand Rathi

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7 Hours agoVinay Shah (Mumbai)

rnment gives FMC power to ensure NSEL settles dues - The Econom... http://economictimes.indiatimes.com/markets/regulation/governm

11/08/2013

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rnment gives FMC power to ensure NSEL settles dues - The Econom... http://economictimes.indiatimes.com/markets/regulation/governm

11/08/2013