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MEMBERSHIP OF EXCHANGES


Does a member / broker need to register with the Forward Markets Commission?
Yes. The Member/Broker needs to get regidtered with Forward Markets Commission.
At what rate does the Forward Markets Commission charge its fee on the turnover of the members/brokers?
Forward Market Commission does not charge any regulatory fee from the Exchanges or its members and users.
Can a security broker obtain the membership of a Commodity Exchange?
The Forward Contracts (Regulation) Act, 1952 does not prohibit security broker from obtaining membership of a Commodity Exchanges. Certain restrictions are however, imposed on a security broker from participating in the Commodity Exchanges under Securities Contracts (Regulation) Rules, 1952. Notification has been issued removing such a restriction. The security broker will however have to set up a subsidiary - a separate legal entity - with separate capital adequacy and minimum networth for being able to trade on a commodity exchange.
Can a member enter into the options in goods ?
Options in goods are presently prohibited under Section 19 of the Forward Contracts (Regulation) Act, 1952. No exchange or no person - whether he is a member of any recognized association or not - can organize or enter into or make or perform options in goods; it constitutes cognizable offence, which is punishable under section 20(e) of the Act.
 
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