What is FMC doing to curb illegal forward trading ?
Under the Forward Contracts (Regulation) Act, 1952 most of the contravention of the provisions of the Act constitutes cognizable offences. The powers of search, seizure and investigation are therefore with the State Police Authorities. The role of Forward Markets Commission is confined to communication of information relating to offences under the Act to the police authorities and assist such authorities in scrutinising documents referred to by them in rendering such expert advice as may be required by them (Please see Rule 13 of the Forward Contracts (Regulation) Rules, 1954). Since the offences under the Act are technical in nature and it is difficult to prove the charges in accordance with the rules of evidence contained in the Evidence Act, beyond any reasonable doubt, the Forward Markets Commission periodically conducts training progammes, Seminars, Workshops etc. for the benefit of Police Officers/ Prosecutors and also Judicial Magistrates First Class/Metropolitan Magistrates. Th
