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Aug 25, 2015
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Sebi paves way for FMC merger
The Securities and Exchange Board of India (Sebi) on Monday paved the way for the merger of the markets regulator with the Forward Markets Commission (FMC). According to a press release issued by Sebi, its board has cleared the norms for commodity exchanges and brokers. “Major compliances include norms related to net worth, shareholding, composition of the board, corporatisation and demutualisation and setting up various committees, turnover and infrastructure,” Sebi said. To ensure a non-disruptive transition, Sebi has prescribed a timeline for aligning with the different provisions of the Securities Exchanges and Clearing Corporations (SECC) regulations. Regional commodity exchanges would have to be corporatised and demutualised within three years of the merger.
Source -
http://www.business-standard.com
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