What is the status in India in the area of commodity derivatives?
Futures markets exist on six commodities (castor seed, hessian, gur, potatoes, turmeric and pepper). The pepper exchange, which is at Cochin, is being upgraded to the status of an international pepper futures market”, which will accept orders from all over the world. The Forward Markets Commission (FMC) oversees these markets. A high level of interest exists on futures markets for other commodities. In September 1994, the Kabra Committee recommended that futures trading should additionally be permitted in 17 commodities. These are (a) basmati rice, (b) cotton, (c) kapas, (d) raw jute and jute goods, (e) groundnut, its oil and cake, (f) rapeseed / mustard seed , its oil and cake, (g) cotton seed, its oil and cake, (h) sesame seed, its oil and cake (i) sunflower, its oil and cake, (j) safflower, its oil and cake, (k) copra, coconut oil and its oilcake, (l) soyabean, its oil and cake, (m) ricebran oil, (n) castor oil and its oilcake, (o) linseed, (p) silver, and (q) onions. On 4 December
