Property: We st South Nor th Follow Like 993k| Log In | Join | Regulation Home News IPO Personal Finance Mutual Funds Tech Jobs Features Bl ogs Slideshows ET NOW ET Speed St oc ks Ma rket Li ve Regulation Gl obal Ma rk et s Forex IPOs /FPOs/ Ri ghts is su es Bo nds Mo ney Mark ets Commodi ti es Real Es ta t e An al ysis Research Reports Hi there, Login with your Facebook ID to see what your friends are reading on Times of India and Economic Times. Stock Market: De aling wi th Fraud How shares in listed firms are used to convert black money into white The brok er has routed the c lient's own mone y back to him, with the advantage that the client can show this as a legitimate capital gain in his tax ret urn — a gain which is tax free. Sebi slaps Rs 12 lakh fine on 3 entities in Sanjay Dangi case Award maximum term to Sahara directors, SEBI tells Supreme Court SPOTLIGHT You are here: ET Home › Markets › Regulation Pl atinum Sponsors Gol d Sponsors Opinion New By ET Bureau | 8 Aug, 2013, 05.21AM IST 1 comments | Post a Comment 29 0 Ads by Google 1 Crore Sum Assured www.avivaindia.com/Term-Insurance - Buy Aviva Online Term Plan in Just 4 Steps,Calculate Your Premium Now! The government issued a notification empowering thecommodity derivatives regula tor FMC to look into the Rs 5,600crore-settlement. Governmen t gives FMC power to ensure NSEL settles dues READ MORE ON » stocks | NSEL | Forward Market Commission | Consumer Affairs Minister | Commodity Participants Association | Anand Rathi NEW DELHI: The government on Wednesday issued a n otification empowering th e commodity derivatives regulator Forward Market Commissio n (FMC) to look into the Rs 5,600 crore- settlement issue between National Spot Exchange (NSEL) and in vestors . "We have issued the notification. With this the FMC will take the overall su pervisio n of th e matter. We have made it clear that if they need any amendment in law or any reform we will do it," food and consumer affairs minister KV Thomas told ET. The minister said that n ow with the issue under th e FMC review the regulator will take its due course of time to settle the issue. "Investors need to be assured and not panic. We have taken a stock of the situation," he said. The expected move has come after NSEL suspended trade in spot contracts and deferred settlements. Acknowledging the issuance of the notification, Ramesh Abhishek, chairman, FMC, said that the necessary steps would be taken. Issued by the ministry of consumer affairs, food and public distribution, the notification issued on Tuesday said that the settlement of all outstanding one-day forward contracts at NSEL shall be done under the supervision of FMC and any order or direction issued by FMC in this regard shall be binding upon the NSEL and any person, intermediary or warehouse connected with NSEL and for this purpose, the FMC is authorised to take such measures, as it deems fit. In addition, the notification said that to protect the interests of commodity market participants, no trading in the existing e-series contracts and no further or fresh one-day forward contracts in any commodity shall be undertaken on NSEL without the prior approval of the central government. Share Share 19 Share More Markets Indiatimes | The Times of India | The Economic Times | Mor e Search for News, Stock Quotes & NAV's Govern m ent gives FMC power to ensu re NSEL settles dues - The Econom ... ht tp://econom ictim es.indiatim es.com/markets/reg ulation /govern me nt -give... 1 of 4 11/08/2013 6:47 PM
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7/27/2019 Government Gives FMC Power to Ensure NSEL Settles Dues
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Hi there,Login with your Facebook ID to see what yourfriends are reading on Times of India andEconomic Times.
Stock Market: Dealing with Fraud
How shares in listed firms areused to convert black moneyinto whiteThe broker has routed the c lient's own
money back to him, with the advantage that
the client can show this as a legitimate
capital gain in his tax return — a gain which
is tax free.
Sebi slaps Rs 12 lakh fine on 3 entities inSanjay Dangi case
Award maximum term to Saharadirectors, SEBI tells Supreme Court
SPOTLIGHT
You are here: ET Home › Markets › Regulation
Platinum Sponsors Gold Sponsors
OpinionNew
By ET Bureau | 8 Aug, 2013, 05.21AM IST 1 comments | Post a Comment
29 0
Ads by Google
1 Crore Sum Assured www.avivaindia.com/Term-Insurance -Buy Aviva Online Term Plan in Just 4 Steps,Calculate Your Premium Now!
The government issued a notification empowering the
commodity derivatives regulator FMC to look into the Rs 5,600
crore-settlement.
Government gives FMC power toensure NSEL settles dues
READ MORE ON » stocks | NSEL | Forward Market Commission | Consumer Affairs Minister | Commodity Participants
Association | Anand Rathi
NEW DELHI: The government on
Wednesday issued a notification
empowering the commodity derivatives
regulator Forward Market Commission
(FMC) to look into the Rs 5,600 crore-
settlement issue between National Spot
Exchange (NSEL) and investors.
"We have issued the notification. With this
the FMC will take the overall supervision of the matter. We have made it clear that if they
need any amendment in law or any reform we will do it," food and consumer affairs
minister KV Thomas told ET. The minister said that now with the issue under the FMC
review the regulator will take its due course of time to settle the issue. "Investors need to
be assured and not panic. We have taken a stock of the situation," he said.
The expected move has come after NSEL suspended trade in spot contracts and
deferred settlements. Acknowledging the issuance of the notification, Ramesh Abhishek,
chairman, FMC, said that the necessary steps would be taken. Issued by the ministry ofconsumer affairs, food and public distribution, the notification issued on Tuesday said
that the settlement of all outstanding one-day forward contracts at NSEL shall be done
under the supervision of FMC and any order or direction issued by FMC in this regard
shall be binding upon the NSEL and any person, intermediary or warehouse connected
with NSEL and for this purpose, the FMC is authorised to take such measures, as it
deems fit.
In addition, the notification said that to protect the interests of commodity market
participants, no trading in the existing e-series contracts and no further or fresh one-day
forward contracts in any commodity shall be undertaken on NSEL without the prior
approval of the central government.
ShareShare 19 Share More
Markets
Indiatimes | The Times of India | The Economic Times | More
Search for News, Stock Quotes & NAV's
rnment gives FMC power to ensure NSEL settles dues - The Econom... http://economictimes.indiatimes.com/markets/regulation/governm
11/08/2013
7/27/2019 Government Gives FMC Power to Ensure NSEL Settles Dues
