Small Business

Commodity bourses must follow PMLA norms: FMC

In order to step up the regulatory grip on commodity derivatives market, Forward Markets Commission (FMC) has recently instructed bourses to ensure compliance of the Prevention of Money Laundering Act 2002 (PMLA) by their members. “This is more of a pre-emptive step to prevent unscrupulous money coming into our (commodity futures) market,” BC Khatua, chairman, FMC, said. - 1% of NSE and 6% of MCX on the block - Market cheers Reliance"s global plan, up 158 points - Kaya to invest Rs 100 cr on expansion - ITC flares up to 52-week high - Emami eyes acquisitions, domestic and foreign - ICEX gets 250 members The regulator had earlier approached the finance ministry, through the ministry of consumer affairs, for bringing the commodity derivatives market intermediaries within the ambit of PMLA, Khatua said. “FinMin has already been working on the issue. However, pending their formal decision to include commodity derivatives brokers under the Act, we have asked the exchanges to take the necessary action,” Khatua said.

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