After 12 years of debate between the Centre and various parties, the Forward Markets Commission (FMC) has finally merged with the Securities and Exchange Board of India (SEBI).The Forward Contracts Regulation Act (FCRA) now stands repealed. Commodity derivatives will be governed by rules of the Securities Contract Regulation Act (SCRA) and commodity exchanges will now become deemed stock exchanges. This paves the way for new products and opens the door for banks, mutual funds and other institutions to start commodity trading. What helped the case for a merger this time was the scam at NSEL and the public furore that followed.

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