17.07.2013 - India: Govt considers regulation for spot exchanges
The government is considering a new regulation for spot commodity exchanges. There are three such exchanges but no single regulator. The commodity futures market regulator, the Forward Markets Commission (FMC), had in the past proposed a law in this regard. The Union ministry of consumer affairs (MCA) is considering this, say sources. Recently, the MCA wrote to the National Spot Exchange (NSEL), promoted by Financial Technologies, forbidding it from launch of any new contract with a one-day carry forward facility, for which they had been earlier granted exemption. Without the exemption, spot exchanges cannot undertake forward trade. NSEL has said it will comply...............................................Full Article: Source
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