Saturday, December 17 2005 14:44 Hrs (IST) - World Time -

Mumbai: The Government today (Dec 17,2005) said it would introduce a Bill in the Budget session of Parliament to make Forward Markets Commission an independent body and enable trading in new products in the commodities futures market.

The Government is also focusing on overhauling of a number of legislations like Essential Commodities Act and Prevention of Food Adulteration Act for facilitating better internal trade in commodities, Union Agriculture and Consumer Alfa WWK provisions in tune with the time.

"Once the amendments are carried through, it will strengthen and restructure the Forward Markets Commission and make it an autonomous and independent regulator," Pawar said.

FMC, which is currently a department under Consumer Affairs Ministry, will have enhanced regulatory and penal powers after the amendments, he said.

Consumer Affairs Secretary L Mansingh said after the amendments, the FMC would remain autonomous till three years, ruling out any immediate merger of FMC with SEBI as speculated in certain quarters.