The Appointment Committee of the Cabinet (ACC) has extended the term of Forward Market Commission (FMC) chairman Ramesh Abhishek fourth time for another three months or until the regulator gets merged with Securities and Exchange Board of India (Sebi), whichever is earlier.
The Appointment Committee of the Cabinet (ACC) has extended the term of Forward Market Commission (FMC) chairman Ramesh Abhishek fourth time for another three months or until the regulator gets merged with Securities and Exchange Board of India (Sebi), whichever is earlier.
"The Appointment Committee of the Cabinet has approved the extension of the tenure of Ramesh Abhishek as chairman, FMC, for a period of three months beyond April 8 or till merger of FMC with Sebi or until further order, whatever is the earliest," a notification issued by the Department of Personnel and Training (DoPT) said.
Abhishek, a 1982 batch IAS officer from the Bihar cadre, became the FMC chairman on September 21, 2012. His term was first extended on July 8, 2014 and again on October 8 last year. Third time, he was given extension on January 8 this year. All these extensions were for three months and his previous extension ended on April 8.
FMC under Abhishek has overseen the recovery of Rs 5,600 crore unpaid dues on National Spot Exchange Ltd to more than 13,000 investors, and has instituted a number of changes to strengthen the market and increase transparency. Among the important changes undertaken during his tenure are abolishing the concept of anchor investor for commodity exchanges and disallowing private entities from owning over 5% in a commex. These regulations were done in the aftermath of the NSEL scam, which surfaced in July 2013.
Finance minister Arun Jaitley in Budget 2015 proposed merger of FMC with Sebi to strengthen regulation of commodity forward markets. Besides, the Financial Sector Legislative Reforms Commission (FSLRC) has recommended bringing all the financial transactions under one regulator (barring banking which will continue to be regulated by RBI). It is first legislative action for FSLRC recommendations. Since both Sebi and FMC are under one ministry, they would be easier to merge.
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