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Jaitley announces FMC, SEBI merger to free market from manipulative practices

Arun

Mumbai, Sept.28 : Union Finance Minister Arun Jaitley on Monday announced a merger between the Forward Markets Commission ( FMC) and the Securities and Exchange Board of India (SEBI).

Jaitley said he was hopeful about the SEBI successfully handling the additional responsibility entrusted, and ensuring that derivative markets are free of manipulative practices.

“Markets thrive where there is confidence and integrity. In the long term, this requires transparency and good regulations.Farmers, producers, consumers need to have confidence that derivative markets is free from manipulations and other market abuses. I am sure that SEBI will be successful in handling the additional responsibility entrusted to them,” Jaitley said at the event held to mark the merger.

The merger is aimed at streamlining regulations and curbing wild speculation in commodities market, while at the same time facilitating further growth of markets.(ANI)