Suspected manipulation by a trading syndicate in Indian markets has entered the limelight following the move last month by the country's National Commodity and Derivatives Exchange (NCDEX) to change its settlement process just before expiry.
On 19 January, NCDEX announced that the settlement pricing for its two major agricultural commodity futures contracts, Channa and Urad, would be calculated over a five-day averaging period rather than a single price at settlement.
The regulator, Forwards Markets Commission (FMC), ordered a...