Mumbai: Marking the first ever merger of two regulators, Forward Markets Commission merged with securities market watchdog Sebi that will help strengthen as well as streamline regulatory framework to curb manipulations in the commodities derivatives segment.
The merger move has been expedited in the wake of the Rs 5,700-crore payment crisis at NSEL.
Economic Affairs Secretary Shaktikanta Das said that providing a balance between price stability and market development is essential for the commodity market and could be a challenge for SEBI, but he is confident that the capital markets regulator will take all necessary steps towards ensuring the same. Sebi Chairman U K Sinha said the first priority would be to develop confidence in the commodities market and then focus on development of the market by way of allowing participation by banks and foreign portfolio investors in this market.
