- Forward Markets Commission is a statutory body set up under Forward Contracts (Regulation) Act, 1952. The Commission functions under the administrative control of the Ministry of Consumer Affairs, Food & Public Distribution, Department of Consumer Affairs, Government of India. The Commission consists of a Chairman and two Members.
- This financial regulatory agency is overseen by the Ministry of Finance. Mr. Ramesh Abhishek replaced Mr. B.C. Khatua as the interim chairman of the commission in 2011.
Functions of the FMC:
- To advise the Central Government in respect of recognition or withdrawal of recognition of any association and other matters arising out of the administration of the Act;
- To keep forward markets under observation and take appropriate action in relation to them;
- To collect and publish information regarding trading conditions in respect of goods to which any of the provisions of the Act is made applicable including information regarding supply, demand and prices and to submit to Central Government periodical reports on the operation of this Act and on the working of the forward markets relating to such goods;
- To make recommendations to improve the organisation and working of forward markets;
- To undertake inspection of the accounts of recognised associations and/or any members thereof;
- To perform other duties prescribed by the Central Government.
