Despite the complexities involved, and the size of the challenges that lie ahead of futures trading in any of the country's 23 exchanges, all that Vijay K Aggarwal, chairman, Forward Market Commission (FMC) would say is ``the government is seized of the matter''. Aggarwal refused to be drawn into conversation on related issues. Following is the list of aspects that need to be addressed by the authorities before we go into futures trading in full swing:

Whether Aggarwal, the present FMC chairman will get an extension after his three-year term expires on December 4 this year.

Earlier, the government had given a two-year extension to the previous Forward Market Commission chairman MI Habibulla. Thus, a change in theFCR Act to extend the tenure of chairman gains prominence to ensure the success of futures trading.

Two, strengthening the FMC, both financially and by increasing the number of members (full time and visiting professional consultants). As per the provisions of the FCR Act, FMC must have four working members.

Currently, there are only two members.

Three, FMC should be made an autonomous body. Currently, FMC is part of Ministry of Agriculture and Consumer Affairs.

Four, necessary changes to be made in section 15 of the Forward Contract (Regulations) Act, 1952, that ban futures trading in commodities. Also, now that the derivatives will soon be permitted in securities, this act will have to incorporate even the options trading in commodities, currently banned.

Five, finalising the list of edible oils that could be taken up for futures trading. The Kabra committee has recommended only 10.

Six, co-ordinating with various ministries (both, central and state level); secretaries in these ministries fordifferent commodities; different agencies.

Seven, setting up a committee to look into all these and various other related aspects, including the state of affairs at and the periodicity of the existing commodity exchanges before permitting futures trading.

Eight, representations of the farmers on the daily deliberations of the commodity exchanges.

Nine, expanding FMC offices to other parts of the country from the current Mumbai and Calcutta. The Kabra Committee report too had recommended expansion of FMC's reach to Chennai, Ahmedabad among others to cover all the major agricultural zones in the country.

Ten, Issue of notification to commence futures trading after all necessary legal formalities are complied with.