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05-05-2012, 11:34 AM #1
FMC finds irregularities in guar futures
Commodity market regulator Forward Markets Commissions (FMC) has detected irregularities in guar futures trading and found out involvement of some specific entities, sources said.
"FMC has pointed out many irregularities in guar futures, and it has also found involvement of specific entities acting in concert with others," the sources said.
FMC on Friday submitted a report on guar seed and guar gum futures trading to the Food Ministry.
No name of the specific entity could be obtained immediately.
Sources further said that FMC has not recommended a ban on the guar trading in futures market to curb the irregularities.
It has, however, suggested stopping use of easy money flow from non-banking financial companies.
To ensure transparent information, it also suggested that there should be a law that makes mandatory disclosure about stock availability in the physical market.
A Parliamentary panel had on Thursday suggested the commodity markets regulator FMC seriously consider handing over cases of irregularities and malpractices in commodity exchanges to the CBI for proper investigation.
05-06-2012, 12:41 AM #2