An expert committee set up over a year ago to study if futures trading
influenced commodity prices will neither recommend a ban nor favour
continuing trade in essential commodities, said a member of the
panel.
"The terms of reference do not include any obligation to make
recommendations about the future of futures market and we don't have
to say anything about whether it should continue or not," Sharad
Joshi, member of the Abhijit Sen Committee, told reporters in New
Delhi on Wednesday.
He said the panel members, who had a three-hour long meeting on
Wednesday, agreed to submit a common minimum report (CMR) to
Agriculture and Consumer Affairs Minister Sharad Pawar listing their
views.
"The common minimum report will not have anything either stopping or
permitting futures market," Joshi said.
As regards lifting of ban on futures trading in certain commodities
including wheat, he said: "We don't have to say whether the ban should
be lifted."
The panel will be submitting its report to the government within days
of Pawar announcing in Parliament that he would take a decision on
futures market if the Sen panel report was not received within 10
days.
The setting up of the committee was announced by Finance Minister P
Chidambaram last year in his Budget speech for 2007-08.
Apart from Sen and Joshi, the members of the committee include IIM-
Ahmedabad professor Siddharth Sinha, Forward Markets Commission member
Kewal Ram and IIM-Bangalore professor Prakash Apte.
The government had last year appointed the Sen panel to study the
impact of futures trading on prices of agricultural commodities.
source: ET
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