Circling on spot markets

While the Forward Markets Commission (FMC) continues to come to grips with the issue of how R5,599 crore worth of payments are to be squared on the National Spot Exchange Limited (NSEL) and whether the bourse has in its possession the commodities it says it has—NSEL vice-chairman Jignesh Shah said he was confident that the bulk of contracts would be settled on time—the government has some more serious thinking to do. For one, given that commodity exchanges are offering products that are really financial products, is there any sense in keeping them under the FMC, or should they also be handed over to Sebi?

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