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RBI to invite Indian Americans to invest in commodities
By siliconindia
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Thursday, 08 March 2007, 18:30 IST
New Delhi: The Commodity Securities market could increase to $747 billion turnover if the Reserve Bank of India (RBI) allows non-resident Indians trade in futures market.
The Forwards Market Commission (FMC), commodities market regulator in a statement releasing the fortnightly turnover of commodity exchanges suggested to RBI. "In order to facilitate further development of the commodities derivative market, the Commission has decided in favor of investment by the NRIs in exchange traded derivative contracts,"
FMC said it has requested RBI to consider issuing a notification in this regard. This notification could be similar to the one issued by the apex bank allowing NRIs to trade in securities market reported a national daily.
Meanwhile, the turnover of commodity exchanges jumped to Rs 33,26,741 crore till February during this fiscal. The turnover of all commodity bourses touched Rs 1,42,584 crore during second fortnight of February.