Allow NRIs in futures trading, says Forward Markets Commission

Allow NRIs in futures trading, says Forward Markets Commission
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First Published: Thu, Mar 08 2007. 03 22 PM IST
Updated: Thu, Mar 08 2007. 03 22 PM IST
By PTI
New Delhi: Commodity market regulator Forward Markets Commisssion has suggested the Reserve Bank of India (RBI) to allow Non-Resident Indians (NRIs) trade in futures market, a move which, if allowed, could further increase the $747 billion turnover of commodity bourses in the country.
“In order to facilitate further development of the commodities derivative market, the Commission has decided in favour of investment by the NRIs in exchange traded derivative contracts,” FMC said in a statement releasing the fortnightly turnover of commodity exchanges.
FMC said it has requested RBI to consider issuing a notification in this reagard. This notification could be similar to the one issued by the apex bank allowing NRIs to trade in securities market.
Meanwhile, the turnover of commodity exchanges jumped to Rs 33,26,741 crore till February during this fiscal.
The turnover of all commodity bourses touched Rs 1,42,584 crore during second fortnight of February.
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First Published: Thu, Mar 08 2007. 03 22 PM IST
More Topics: Money Matters | Commodities |