New Delhi: The commodity market regulator FMC
today said bourses can achieve the turnover target of Rs 80
lakh crore if resumption of forward trading in rice, urad, tur
and sugar and launch of options and indices are allowed.
Futures trading in the the four commodities is banned and
the launch of index and option requires Parliament passing the
Forward Contracts (Regulation) Amendment (FCRA) Bill, which
will also puts the Forward Markets Commission (FMC) at par
with stock market regulator SEBI.
"We hope to see the passage of FCRA Bill this year and
also want to bring back all banned commodities on the futures
platform to achieve the turnover target of Rs 80 lakh crore in
2010," FMC Chairman B C Khatua told.
The turnover of 24 commodity exchanges in the country
was over Rs 67 lakh crore till December 15, 2009.
The FCRA, which has provisions allowing FMC to launch
options and indices in commodities, was introduced in Lok
Sabha in 2008. However, it could not be passed before the
dissolution of the 14th Lok Sabha and, therefore, lapsed.
Commodity broking firms and analysts share the view that
the government should not further delay the passage of the
Bill in 2010. They said reforms will help speedy growth of the
seven-year old sector.
Last month, the Parliamentary panel on Food, Consumer
Affairs and Public Distribution suggested that the government
reintroduced the bill in Parliament to strengthen the
regulatory framework and confer autonomy on the regulator.
PTI
First Published: Friday, January 01, 2010, 20:10