The Government have decided to amend three existing laws the Forward Contracts (Regulation),  definitions in multi state cooperative societies Act, 2002 and the Labour laws Act, 1988 and plans to place proposed amendments with the Parliament in the next session. The amendments proposed in the Forward Contract (Regulation) Act 1952 will ensure greater autonomy and power to the Forward Market Commission, a regulator for the commodities markets. The proposed amends in the act are: (a) up-ration of existing definitions and insertion of some new definitions; (b) changes in provisions relating to composition and functioning of FMC; (c) enhancement of the powers (d) cooperative and demutualization of the existing Commodities Exchanges and setting up of a separate Clearing Corporation; (e) registration of Intermediaries; It is really good to see this article on approval of application to register amendment of bye-laws of MSCS. (f) enhancement of penal provisions in the FC(R) Act; (g) permitting trading in options in goods or options in commodity derivatives; and (h) making provision for designating the Securities Appellate Tribunal (SAT) as the Appellate Tribunal for purposes of FC(R ) Act also including that of levying in multi state society. The Bill also provides for some other provisions such as exempting FMC form payment of tax on wealth; income and profits or gains; conferring powers upon the Central Government; issue of directions to FMC on matters of policy and power to supersede FMC. The FMC will have the power, after the amendment to allow option trading in different commodities. This will benefit various stakeholders including the farmers to take benefit of price discovery and price risk management. The FC(R) Act provides for the regulation of commodity futures markets in India and the establishment of the Forward Markets Commission (FMC) in credit cooperative society. While the markets have been liberalized with effect from April, 2003 and modern institutional structures are in the process of being evolved, yet the market regulator, FMC is largely functioning in its traditional format. Many of the existing provisions of the FC(R) Act need changes to strengthen and reinforce legal provisions to meet the requirements of changing environment. In order to amend further the FC(R) Act, the Forward Contracts (Regulation) Bill, 2006 (the Bill) was introduced in the Loksabha on 21.32006. The Bill went through the process of Consultancy and examination including that by the Parliamentary standing Committee of the Ministry. After the extensive consultations and taking benefit of these inputs the proposal of the Ministry of Consumer Affairs, Food & Public distribution to introduce Forward Contract (Regulation) Amendment Bill 2010 has been approved in multi state cooperative society.