STATESMAN NEWS SERVICE
Kolkata, 6 January
The Forward Markets Commission (FMC) should be given more administrative and financial autonomy, Mr Vibhor Tandon, regional head and assistant vice-president of Multi Commodity Exchange of India, said here today.
Speaking at a seminar on ‘Price risk management through commodity futures’ organised by the FMC along with the MCC Chamber of Commerce & Industry and Forward Markets Commission, Mr Tandon said futures market helps both the sellers and buyers as prices are locked at a particular point of time.
He suggested changes in the FCRA Amendment Bill pending in Parliament to facilitate the functioning of FMC and MCX.
Mr Sanjay Agarwal, president of MCCI, said imposition of 0.01 per cent CTT on non-agricultural commodities futures contracts traded on recognised commodity exchanges as proposed in the Budget 2013-14 would increase the cost and trigger distortions in prices.
He said levy of CTT would make the domestic commodity market more costly for hedgers to hedge their risks and give rise to illegal and unregulated markets.
Mr Agarwal suggested plugging the existing loopholes in the distribution and pricing of commodities.