Forward Market Commission
Forward Market Commission- फॉरवर्ड मार्केट कमीशन is a body monitoring and regulating the activities and operations of the commodities futures market. The institution in Mumbai headquarters set up in 1953 a statutory body as per 1952, Forward Contracts Regulation Act.
What is FMC Meaning?
The FMC full form is the forward market commission. the main work of the commission is to see the Ministry of consumer affairs, Govt. of India, Food and Public Distribution.
FMC plays a vital role as the sole institution governing in India the commodities market such that it executes several roles. The major roles performed include:
- The commission offers guidance to the central government on matters about the recognition of previously acquired recognition from any other association. Apart from this, the institution provides suggestion on matters that emerge as a result of the 1952 Forward Contracts Regulation Act administration.
- FMC provides repeatedly suggestions to uplift the organization functioning and the forward markets.
- The entity holds the authority to inspect and cross-check accounts, besides other documents of members and registered associations.
- The entity maintains on the forward commodities market a vigil and exercises assigned discretionary powers in the growth of markets and interest.
- FMC sources publish the information collecting for different commodities from the concerning trading conditions. The details comprise the supply, demand, and price. Forward Markets Commission has fraudulent warehouse practices and uncovered laundering money activities at the crisis-ridden company that the entity is responsible to report to the authorities and put forth the proper fit.
Rules have become a part of human life every day; we find them at the workplace, in schools, and in the general society. Rules are the guidelines, helping people to understand that is acceptable and not.
The RBI regulates the entire banking system, while the securities market is regulated by the Securities and Exchange Board of India (SEBI). on the other hand, the insurance sector is regulated by The Insurance Regulatory and Development Authority (IRDA). FMC merger with Sebi is not known to many people as they wish to regulate in India the commodity market.
Forward market commission chairman, Ramesh Abhishek will be the head for the (FMC) Forward Market Commission till its merger with SEBI (Securities and Exchange Board of India). However, FMC is the commodity exchanges regulator engaged in future trading.
FMC powers of the deemed civil court for:
- Enforcing and summoning the attendance of any person and checking him on oath.
- Requiring the production and discovery of any document.
- Receiving affidavits evidence.
- Requisitioning from any office any public record.
- Forward Market Commission Website: http://www.fmc.gov.in
- SEBI Head Office: Plot No.C4-A, ‘G’ Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra
- FMC Helpline Number: +91-22-26449000, 40459000
- FMC Toll-Free Number: 1800 22 7575