MANU/SPRL/0241/2015

Ministry : Securities and Exchange Board of India

Department/Board : SEBI

Press Release No. : 237/2015

Date : 28.09.2015

Finance Minister unveils merger of FMC with SEBI

Shri Arun Jaitley, Hon'ble Union Finance Minister, today unveiled the historic merger of Forward Markets Commission (FMC) with Securities and Exchange Board of India (SEBI) at an event in Mumbai, today. Shri Jaitley also released the new regulations that were notified. The opening of the trading in the Commodity Exchanges started today with the ringing of the bell by the Union Finance Minister. Chairman of FMC and Chairman of SEBI exchanged the undertaking signed by the two regulators to mark the merger.

Speaking on the occasion, the Finance Minister said "The merger will increase the economies of scope and scale as there are strong commonalities between all kinds of trading. I am sure that SEBI is prepared to regulate the commodity derivatives market".

Shri U.K.Sinha, Chairman, SEBI, said "Our efforts would be to move in a cautious direction to ensure that we provide some comfort to the market and to all the participants that the way transactions are taking place or going to take place in the commodities futures market are at least as robust as they are in the securities market."

"Our immediate priority will be to ensure that the conduct of the market is in the best possible way, in the interest of all the stakeholders." Shri Sinha added.

Shri Shaktikanta Das, Secretary, Department of Economic Affairs, Government of India, said "A balance is needed on price stability and policy certainty. SEBI has to ensure that prices do not become volatile and at the same time also see that there is policy certainty".

Shri Ramesh Abhishek, Chairman, FMC said, "merger is a significant financial sector reform by the Government which would strengthen regulation of Commodities derivatives market and enable its development to its full potential."

Welcoming the august gathering, Shri Rajeev Kumar Agarwal, Whole Time Member, SEBI said "SEBI will spare no efforts in developing commodity derivatives market which are best in terms of technology, risk management, supervision, surveillance, enforcement, liquidity and investor protection."

Shri Prashant Saran, Whole Time Member, SEBI proposed a vote of t........