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The proposal to merge the Forward Market government, need to be nixed at the earliest. The rationale given for the merger is that it will help better monitor the commodity futures market and ensure stricter compliance amongst stakeholders.

The votaries of the proposal point to the Rs 5,600 crore scandal at the National Spot Exchange Ltd NSEL which rocked the commodity market in last year. Following of the scandal the FMC was brought under the of the merger is that commodity trade, which is now being pursued is largely through commodity derivatives which are largely financial instruments camouflaged in the skin of commodity derivatives. Market participants are to a large extent also stock market participants. And with FMC not having the desired talent to monitor complex financial derivatives which SEBI apparently has  the monitoring of FMC should also be entrusted to SEBI.

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Packers and movers pune

Not so long ago there was a similar move mooted by the Financial Sector Legislative Reforms Commission while Prenab Mukherjee was finance minister that all financial sector regulatory bodies including IRDA, SEI, FMC, PFRDA and RBI be merged under one umbrella under the finance a ministry. This is proposal luckily, like several other quixotic proposals a packers and movers lays buried in some unseen files in the best ministry. At that time to move. The then governor of the RBI had also firmly stood his ground and said this would be tantamount to wanted to subject their freedom and independence to an empowered body in the fear that they would lose their identity and become one more arm of the government.

These is only new factor which in transpired between the and now is the scam raking up musty files gathering dust in the ministry to partially try and merge at least two bodies? Financial scams happen all the time and if every time regulatory bodies were to lose their independence there would be no regulators left one of the best respected regulators was rocked by the securities scam in 1992.

This scam essentially involved funneling funds from the restricted banking sector in to the stock market through financial instruments called bank Citi Bank, Standard Chartered and SBI, not forget private banks like Bank of Karad and even financial bodies like National Housing Bank. The inefficient transfer of securities between the banks in the ledgers maintained by the RBI enabled banks to trade in BRs and manipulate the financial markets.