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Commodity brokers to register after Sep 28
Brokers of commodity exchanges are set to start registrations with new regulator, Securities and Exchange Board of India ( Sebi), after September 28, the date of the merger of Forward Markets Commission ( FMC) and Sebi.
After September 28, trading on commodity exchanges would continue as usual. But, commodity brokers would have to create a separate entity under their broking firm till registration is complete.
Meanwhile, Sebi had announced on September 8 that it had changed rules to allow the functioning of the commodities derivatives market and its brokers.
Under the new norms, a regional commodity derivatives exchange would pay Sebi an annual regulatory fee of Rs.50,000 within 30 days of the end of the financial year.
For national commodity derivatives exchanges, the net worth for a self- clearing member would be Rs.1 crore, and for a clearing member, Rs.3 crore.
Business Standard, New Delhi, 15th Sept. 2015