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INDIA'S FMC REJECTS REQUEST TO HIKE PENALTY; MULLS OTHER OPTIONS.
NEW DELHI, Sep 1 Asia Pulse - Indian commodity market regulator Forward Markets Commission has rejected traders and exporters demand to hike the delivery default penalty, saying it is working on other alternatives to tighten the system.
"Imposing hefty penalty is not the only solution. Now we cannot raise it as it was recently slashed to 2.5 per cent from 8 per cent to converge spot and futures prices," Forward Markets Commission (FMC) Chairman B C Khatua said.
The Agricultural Produce Marketing Committee (APMC) of Unjha, Gujarat, has urged FMC that it should either hike penalty up to 25 per cent on sellers or ensure 100 per cent delivery of the commodity.
Jeera exporters have also complained of the delivery defaults as sellers can exit the market by paying only 2.5 per cent of the traded contract amount as penalty.
Khatua said, "Apart from the penalty provision, we are working on other ...
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