By Our Bureau

Forward Markets Commission (FMC), the commodity market watchdog, conducted a surprise investigation at the Ahmedabad-based National Multi Commodity Exchange (NMCE).  According to sources a team of senior officials from FMC’s enforcement wing raided the Ahmadabad head quarters of NMCE on Thursday and Friday.

Narain Rai, Vice President, NMCE confirming the FMC probe said on phone “there was surprise visit of a team of FMC officials lead by Mr. Dinesh Soni.”  But Mr. Rai was reluctant to divulge the details of the “surprise visit “of the enforcement team from FMC.

The surprise investigation makes it clear that the market regulator is keen on curbing any violation of the regulations or manipulations by any trading bodies.

NMCE is the only commodity exchange in the country that has been actively trading in rubber futures. Recently the Automotive Tyre Manufacturers Association (ATMA) has been complaining of manipulation of natural rubber prices on NMCE.

ATMA Director-General Rajiv Budhraja has said that they “have evidence for the price manipulation of natural rubber on the NMCE, which we are submitting to the FMC.”