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SEBI took over the Regulation of the Commodity Derivatives market on September 28, 2015 as a result of merger of FMC with SEBI. The merger of two Regulators is an unique and rare event across the world. It was also a heartening moment for SEBI as an organization that Government had reposed faith in its regulatory capacity while entrusting regulation of a new sector.
Pursuant to the repeal of the Forward Contracts (Regulation) Act, 1952 (FCRA) and amendment to the Securities Contracts (Regulation) Act, 1956 (SCRA), the Central Government, in exercise of the powers conferred by clause (bc) of section 2 of the SCRA and in consultation with the SEBI, have vide Notification No. S.O. 3068(E) dated September 27, 2016 notified the goods specified therein, for the purpose of clause (bc) of section 2 of the SCRA with effect from the date of the said notification.
At present the only instrument available in the Commodity Derivatives market is futures on individual commodities. Introduction of new commodity derivatives products has been a subject of deliberation as it is considered to be conducive for the overall development of the commodity derivatives market, attracting broad base participation, enhancing liquidity, facilitating hedging and bringing in more depth to the commodity derivatives market.
In the past the erstwhile FMC had issued various directives regarding disclosures by Commodity Derivative Exchanges on website. This circular is being issued to consolidate and update such norms.
It has been decided that, for the time being, directives issued by FMC in this regard shall continue. Thus PMS currently would not be permissible in the Commodity Derivative Market
Revised Warehousing Norms in the Commodity Derivatives Market for Agricultural and Agri-processed Commodities Traded on the National Commodity Derivatives Exchanges
In the past the erstwhile FMC had issued various directives sharing of information among Commodity Derivative Exchanges with regard to defaulter members having membership across multiple Exchanges
It has been decided that the norms specified by erstwhile FMC vide the circulars mentioned in paragraph 2 regarding special margins i.e. in case of spread trades, special margin shall not be levied, shall continue to be in force beyond September 28, 2016.
Eerstwhile FMC from time to time had issued norms on Algorithmic Trading in consultation with the Exchanges. This circular is being issued to consolidate such norms in one circular.
Exchanges shall monitor the open position on a real time basis, and shall endeavour that no client or member breaches the open position limits ‘at end of the day’ as well as ‘during intra-day trading’. Penalty shall be levied on those breaching the position limits at end of the day as well as during intra-day trading as provided in Annexure-C to this circular.
