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This is an archive article published on December 10, 1998

Centre stretches forwards panel chief8217;s tenure

Mumbai, Dec 9: The government has given a two-year extension to Vijay K Aggarwal, chairman of Forward Markets Commission FMC. Agarwal, ...

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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.

Agarwal8217;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 FMC8217;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 members8217; 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 amp; 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 FMC8217;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.

 

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