|Consider the following:|
|1. Forward market commission is overseen by the Ministry of Consumer Affairs.|
|2. It is a statutory body set up in 1953 under the forward contracts (Regulation Act), 1952.|
|Which of these statements is/are correct?|
A) Only 1
B) Only 2
C) Both 1 and 2
D) neither 1 nor 2
Correct Answer: C
Solution :[c] The Forward Markets Commission (FMC) is a statutory body set up under the Forward Contracts (Regulation) Act, 1952. It functions under the administrative control of the Department of Economic Affairs, Ministry of Finance since September 2013. (Before this, FMC used to function under Department of Consumer Affairs, Ministry of Consumer Affairs, Food & Public Distribution, govt. of India. FMC has its headquarters at Mumbai and one regional office at Kolkata. Union Government has notified the merger of commodities market regulator Forward Markets Commission (FMC) with Securities Exchange Board of India (SEBI) with an effect from 28 September 2015.
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