The Cabinet on Thursday approved the proposal to move official amendments to the Forwards Contracts (Regulation) Amendment Bill, 2010 (the Bill, 2010), based upon the recommendations of the Parliamentary Standing Committee of the Ministry of Consumer Affairs, Food & Public Distribution in its 15th Report, in the next session of Parliament.
Addressing the press, Finance Minister P Chidambaram said “The Cabinet has approved the Forward Market Contract Regulation Act.”
This approval will allow more autonomy to sectoral regulator the Forward Markets Commission (FMC) and it will also benefit farmers. “The Forward Commission will get more autonomy and will also allow auctions in the commodities market,” he said.
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