FMC - GS questions based on daily current affairs

1)   Which of the following statements is/are correct?

1. FMC is overseen by the Ministry of Consumer Affairs, Food and Public Distribution.
2. FMC is merged with SEBI on 28th September 2015.

a. Only 1
b. Only 2
c. Both
d. None
Answer  Explanation 

ANSWER: Only 2

Explanation:
- The Forward Markets Commission (FMC) is the chief regulator of commodity future markets in India.
- It is headquartered in Mumbai and this financial regulatory agency is overseen by the Ministry of Finance.
- In September 2013, the commission responsibility was moved to the Ministry of Finance to reflect that futures trading was becoming more and more a financial activity
2)   The government of India has proposed merger of the Forwards Markets Commission with -

a. NABARD
b. Unit Trust of India
c. SEBI
d. Agricultural Marketing Board
Answer  Explanation 

ANSWER: SEBI

Explanation:
In the budget speech finance minister Arun Jaitley proposed the merger of the Forwards Markets Commission with Sebi to strengthen regulation of commodity forward markets and reduce wild speculation. It will amend the Government Securities Act and the RBI Act is proposed in the Finance Bill, 2015.

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