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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 to
ensure 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 of
consumer 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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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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Government gives FMC power to ensure NSEL settles dues - The Econom... http://economictimes.indiatimes.com/markets/regulation/government-give...
4 of 4 11/08/2013 6:47 PM