The Bill was introduced in the Lok Sabha on March 13, 2008 after withdrawing the old Bill. The old Bill was introduced on March 21, 2006. The Parliamentary Standing Committee on Food, Consumer Affairs and Public Distribution (Chairperson: Shri Devendra Prasad Yadav) submitted its report on December 19, 2006.
Highlights of the Bill
The Forward Contracts (Regulation) Amendment Bill, 2006 amends the Forward Contracts (Regulation) Act, 1952 to transform the role of the Forward Markets Commission (FMC) from a government department to an independent regulator.
The Bill requires all exchanges to be set up as corporations and separates trading rights from ownership in an exchange.
Key Issues and Analysis
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Though the trading system for commodity derivatives uses depositories established under the Depositories Act, 1996, these entities are regulated only by SEBI, and not by FMC.
Click here for The Forward Contracts (Regulation) Amendment Bill, 2006