Now the Central Govt. has issued notification and appointed the 28th Sep-15 from which SEBI will get powers to regulate commodity market. Till now, Forward Contract Regulation Act, 1952 was regulating this market. Below is the text of press release by Govt:
In exercise of powers conferred by Sections 131 and 133 of the Finance Act, 2015 (20 of 2015), the Central government hereby appoints the 28th Day of September, 2015 as the date on which the provisions of Part I (excluding Section 132) and Part II of Chapter VIII of the said Act shall come into force. A notification to this effect was issued on 28th August, 2015.As a result, Forward Contracts Regulation Act (FCRA) 1952 gets repealed and Regulation of Commodity Derivatives Market will shift to Securities and Exchange Board of India (SEBI) under Securities Contracts Regulation Act (SCRA) 1956 with effect from 28th September, 2015.
This action has been taken in order to comply with the announcement made by the Union Finance Minister Shri Arun Jaitley during his Budget Speech while presenting the General Budget 2015-16. The Finance Minister had proposed to merge the Forwards Markets Commission (FMC) with SEBI to strengthen the regulation of Commodity Forward Markets. Enabling legislation, amending the Securities Contracts Regulation Act (SCRA) 1956 and FCRA 1952 were proposed in the Finance Act, 2015.