August 26, 2013 by apicomely
Consumer Finance Company Coming Soon to Cleveland, OH
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Last week, the Cabinet secretariat endorsed the finance ministry’s long-held view that commodity derivatives, being financial products, should be under the ambit of the ministry. Once the FMC comes into its fold, the Finance Ministry will take a call on whether to keep it as separate entity or make it a division of the capital market regulator, Securities and Exchange Board Of India (Sebi), sources said. Sebi is under the administrative control of the Finance Ministry. The consent of the consumer affairs ministry to take the FMC out of its purview came amid an escalation of a settlement crisis at the National Spot Exchange Limited (NSEL) after members defaulted on the first pay-out on August 20.
Stage set for shifting FMC to Finance Ministry
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