Thursday, March 15, 2012

BROKER AUDITS SET TO BE MADE MANDATORY SOON

The Forward Markets Commission (FMC), the commodity futures market regulator will now put
in place a written guideline, making audits of each of the 2,500 active brokers once every three
years a mandatory affair. The regulator and exchanges will audit around 800-900 members
each year of five national commodity exchanges - MCX, NCDEX, National Multi Commodity
Exchange, Kotak-promoted Ace Exchange and Reliance ADA-anchored Indian Commodity
Exchange. In total, there are nearly 5,100 members who trade in 66 commodities. 

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