Indian firms push for more regulatory flexibility

24 Mar 2003

India's commodity derivatives industry is advancing its case for greater regulatory flexibility, potentially paving the way for increased activity in global futures markets.

Recent developments include an intensified push for Forward Markets Commission (FMC), the commodity futures regulator, to be transferred to the ministry of finance, to improve its interface with other regulators. FMC is currently under the ministry of consumer...

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“At our current funding level, the Commission is under serious strain. We lack the staff and resources necessary to both implement Dodd-Frank and continue to fulfil our pre-Dodd-Frank duties under the Commodity Exchange Act. Without additional funding, the strain will only become worse in July, when much of Dodd-Frank goes into effect.”

The CFTC's Michael Dunn pleads for Congressional support over the regulator's budget.