1. The Forward Markets Commission (FMC) was India's primary regulator for the commodity futures market, established in 1953 under the Forward Contracts (Regulation) Act, 1952. 2. The purpose was to ensure fair, transparent trading and advise the government. 3. On August 27, 2003, the [Report Of The Inter-Ministerial Task Force On Convergence Of Securities And Commodity Derivative Markets](https://www.sebi.gov.in/sebi_data/commondocs/jul-2020/Report_of_the_Inter-Ministerial_Task_Force_on_Convergence_of_Securities_and_Commodity_Derivatives_Markets_p.pdf) was released. 4. A committee led by **Percy Mistry** recommended **regulation of all organised financial trading (including commodities) under SEBI** — effectively making a case for a **unified regulator**. 5. The report of the [Rajan Committee on Financial Sector Reforms (2008)-A Hundred Small Steps](RBI_Report:Committee_20080912_Committee%20on%20Financial%20Sector%20Reforms_2008_A%20Hundred%20Small%20Steps_Chairman-Raghuram%20Rajan.pdf) published in year 2008, set up by govt. of India, reviewed India’s financial regulatory framework and suggested consolidation of regulators, including markets like securities and commodity derivatives. 6. On February 28, 2015, the SEBI-FMC merger was formally proposed in the [Union Budget of 2015–16](https://www.indiabudget.gov.in/budget2015-2016/budget.asp) by Finance Minister Arun Jaitley. 7. The Finance Act, 2015 introduced amendments to enable the merger, and the [FCRA (1952)](https://www.indiacode.nic.in/bitstream/123456789/2163/1/195274.pdf) was repealed, with commodity derivatives falling under the SEBI regime from 28 September 2015. 8. In 2015, the FMC was merged into the [Securities and Exchange Board of India](https://www.sebi.gov.in/curation/commodity_derivatives.html) (SEBI), transferring regulatory power over commodity derivatives to SEBI, making it the unified regulator for securities and commodity derivatives markets in India. 9. As on Dec-2025, SEBI does not regulate the physical commodity markets (mandis, spot trading of goods), production, storage, or pricing of commodities. Those fall under state APMCs, ministry of Consumer Affairs, and other sectoral regulators. 1. In February 2018, the Department of Economic Affairs, Ministry of Finance Government of India, released the [Report of Expert Committee on Integration of Commodity Spot and Derivatives Markets](https://www.niti.gov.in/sites/default/files/2023-02/Report_of_EC_on_Integration_of_Commodity_Spot_and_Derivatives_Market.pdf). ## References 1. Ministry of Consumer Affairs, Food & Public Distribution. *Report Of The Inter-Ministerial Task Force On Convergence Of Securities And Commodity Derivative Markets* \[PIB Press Release\]. [Link](https://archive.pib.gov.in/release02/lyr2003/raug2003/27082003/r270820034.html)