With Trinamul Congress out of UPA-2, the government plans to bring back the proposed amendment bill to change the controversial commodity trading law — Forward Contracts Regulation Act — before the Union Cabinet. It was brought before the Cabinet twice earlier, but deferred after TMC objections.
Food and civil supplies ministry sources said the bill, earlier introduced in the Lok Sabha in December 2010, could be considered at the Cabinet’s next meeting. The bill is needed to develop a commodities futures market that will strengthen the regulator by giving financial autonomy, facilitate institutional investors’ entry and introduce new trading products like options and indices.