SEBI merges with FMC
Q. SEBI has merged with which regulatory body on 28th September 2015?- Published on 29 Sep 15a. NSE
b. BSE
c. FMC
d. IRDAI
ANSWER: FMC
SEBI/ Securities Exchange Board of India has merged with Forward Markets Commission w.e.f 28th September 2015. This marks the first case of the merging of the two regulators to create a new regulatory authority. More than 6 decades old FMC merged with SEBI with the customary stock market bell being rung to formalise the amalgamation by FM Arun Jaitley. The merger was moved forward on account of the NSEL scam involving INR 5000 crore which was a regulatory failure of FMC. FMC had been regulating commodity markets since the 1950s. This is the first case of the merging of two major regulators. SEBI’s Whole-Time Member Rajeev Kumar Agarwal would oversee the commodities market regulation in the merged entity under the overall guidance of the SEBI Chairman. SEBI was set up in the 1980s as non-statutory body for regulation of securities market. Currently, there are 3 national and 6 regional bourses for commodity futures clocking a turnover of nearly Rs 60 lakh crore in 2014—15, from over Rs 101 lakh crore in the fiscal before that.
