February 1, 2021: Finance Minister Nirmala Sitharaman, today in her Budget Speech stated that the Finance Ministry will now be notifying Securities and Exchange Board of India (SEBI) as the regulator for gold exchanges in India.
Recently, SEBIhad been recommended to regulate spot commodities by a committee appointed by the Ministry of Finance.
SEBI, as a response to this, suggested a different sectorial regulator for the spot exchange in response to the suggestion.
The committee, led by NITI Aayog Member Ramesh Chand, had emphasized on the importance of regulation in the spot market after the National Spot Exchange scam of Rs 5,600 crore in 2013.
