In a reforms boost to the commodity futures market, the Union Cabinet, on Thursday, cleared amendments to the Forward Contract (Regulation) Act (FCRA) Amendment Bill, 2010, which provides for autonomy and power to the regulator.

The amendments are based on the recommendations of the Standing Committee of the Ministry of Food and Consumer Affairs.

The Act provides for regulation of futures markets in India and establishment of the Forward Markets Commission.

The Bill was meant to give more teeth to the regulator and also benefit farmers, Minister of State for Consumer Affairs K.V. Thomas told journalists after the Cabinet meeting.

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