India Business Forum

Search Button

The Indian Express

The Financial Express

Latest News

Market Indicators

Screen

Boulevard India

Celebrity Chat

Express Computers

Express Power

Letters

Advertisers Forum


Headstart

Business Forum

Lifemate

Zevraat

Express Properties

Palki - Travel

Information Technology

Astrosurf

Eco-India

Dr Know

Morning Digest

Express Greetings

Graffiti

Cartoon


FINANCIAL EXPRESS FRONT PAGE

Corporate

Economy

Expressions

Markets

Leisure

 

Thursday, December 10, 1998

Centre stretches forwards panel chief's tenure 

Sharad Mistry  
Mumbai, Dec 9: The government has given a two-year extension to Vijay K Aggarwal, chairman of Forward Markets Commission (FMC). Agarwal, whose five-year term expired on December 3, will now hold office till December, 2000.

Agarwal's extension is part of the strengthening exercise at the FMC. The government is keen to amend the FMC Act of 1956, by passing the FMC Ammendment Bill in the current session of the parliament. But, given the political influx, the bill may be introduced in the next session. Meanwhile, the union cabinet has decided to strengthen the FMC's board by doubling its strength to four from two earlier.

Also, the government has decided to elevate the ranks of the officials of the FMC. The FMC chairman will be elevated to the rank of joint secetary level in the central ministry from the current level of additional secretary. Even the FMC members' rank too will be elevated to the post of additional secretary from current deputy secretary.

Currently, Padma Swaminathan, the other member ofthe FMC board, though technically a member of the FMC, has taken charge as financial advisor of Khadi & Village Industries Commission (KVIC). As a result, Aggarwal is the only person looking after FMC.

Earlier, the governement had deputed three officials to FMC from Goa, Calcutta and the Indian Revenue Services. However, given the conditions and the facilities available at the FMC's Mumbai office, they preferred not to join the FMC. As a result, the government is still on the lookout for persons willing to join the FMC.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.


Top


The Ambassador Group of Hotels

Global Tenders invited by MSTC

The National Stock Exchange of India (NSE)

 

Click here for a printer-friendly page Printer-friendly page

One of India's Leading Banks


The Indian Express  |  The Financial Express  |  Latest News
Screen  |  Express Investment Week  |  Market Indicators  |  Express Computers
Astrosurf  |  Eco-India  |  Travel & Tourism  |  Information Technology  |  Drumbeat: Ad Buzzaar
Advertisers Forum  |  Career India  |  Business Forum  |  Match Maker  |  Express Properties