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FORWARD MARKETS COMMISSION DEPARTMENT OF CONSUMER AFFAIRS MINISTRY OF CONSUMER AFFAIRS, FOOD AND PUBLIC DISTRIBUTION
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( FACILITATION TO RIGHT TO
INFORMATION ACT 2005)
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Material as required under Section 4 (1) (b) of the Right to
Information Act, 2005.
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In order to promote
openness, transparency and accountability in the working of the public
authorities, Government of India has enacted the Right to Information Act,
2005. For effective operationlization of the mandatory provisions of the
Right to Information Act, in exercise of the powers conferred under section
5(1) read with 2(c) of the Right to Information Act, 2005 the Forward Markets
Commission designates
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Shri Anupam Mishra, Director, FMC as Public
Information Officer. He can be contacted at Tel. No. 2202 65 41,
e-mail – anupam.fmc@nic.in.
Dr Kewal Ram, Member, FMC as Appellate Authority. He can be
contacted at Tel No 22795302, e-mail memberk.fmc@nic.in
The material as required under Section 4 (1) (b) of the
Right to Information Act, 2005 is as follows:-
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I. |
The particulars of the organisation, functions and duties. |
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II. |
Powers and duties of its officers and Exchanges. |
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III. |
The procedure followed in the decision making process, including
channels of supervision and accountability. |
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IV. |
The norms set by it for the discharge of the functions. |
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V. |
The rules, regulations, instructions, manuals and records, held by
it or under its control or used by its employees for discharging its
functions. |
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VI. |
A statement of the categories of documents that are held by it or
under its control. |
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VII. |
The particulars of any arrangement that exists for consultation
with, or representation by the members of the public in relation to the
formulation of its policy or implementation thereof. |
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VIII. |
A statement of the boards, councils, committee and other bodies
consisting of two or more persons constituted as its part or for the
purpose of its advice and as to whether meetings of those boards, councils,
committees and other bodies are open to the public, or the minutes of such meetings
are accessible for public. |
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IX. |
A directory of its officers and employees. |
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X. |
The monthly remuneration
received by each of its officers and employees, including the system of
compensation as provided in its regulation. |
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XI. |
The Budget allocated to each of its agency, indicating the
particulars of all plans, proposed expenditures and reports on
disbursements made. |
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XII. |
The manner of execution of subsidy programmes, including the
amounts allocated and the details of beneficiaries of such programmes |
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XIII. |
Particulars of recipients of concessions, permits or authorisations
granted by it. |
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XIV. |
Details in respect of the information, available to or held by
it, reduced in an electronic form. |
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XV. |
The particulars of facilities available to citizens for obtaining
information, including the working hours of a library or reading room, if
maintained for public use. |
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XVI. |
The names, designations and other particulars of the Public
Information Officers |
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XVII. |
Quarterly Summaries for CPIO of FMC
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XVIII. |
Annual Summary for CPIO of FMC |
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XVIII. |
Mode of Payment for obtaining information under Right to
Information Act 2005 |
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I. The particulars
of the organisation, functions and duties.
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The Forward Markets
Commission has been set up under the Forward Contracts (Regulation) Act,
1952. The Act provides for a Four Member Commission one of whom is the
Chairman. The head office of the Commission is at Mumbai with a Regional
office at Kolkata. The address of the office with contact details is given
below:-
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Forward
Markets Commission,
‘Everest’, 3rd
Floor,
100 Marine Drive, MUMBAI – 400 002
Tel.No. 2281 1262/2281 1429
Fax No. 2281 2086
E-mail: fmc@bom5.vsnl.net.in
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Regional
Office of the Forward Markets Commission,
3rd MSO Building,
3rd Floor, ‘D’ Wing,
DF Block, Salt Lake,
KOLKATA – 700 064
Tel. No.033-23219553
Fax. No.033-23346916
E-mail:fmckol@vsnl.net.
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Presently Shri
B.C. Khatua, IAS is the Chairman and Dr. Kewal Ram, IES, Shri Rajeev Kumar
Agarwal, IRS are Members.
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The functions of
the Commission are-
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(a)
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To advise
the Central Government in respect of the recognition of or the withdrawal
of recognition from any association or in respect of any other matter
arising out of the administration of this Act;
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(b)
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To keep
forward markets under observation and to take such action in relation to
them as it may consider necessary, in exercise of the powers assigned to it
by or under this Act;]
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(c)
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To
collect and whenever the Commission thinks it necessary publish information
regarding the trading conditions in respect of goods to which any of the
provisions of this Act is made applicable, including information regarding
supply, demand and prices, and to submit to the Central Government
periodical reports on the operation of this Act and on the working of
forward markets relating to such goods;
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(d)
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To make
recommendations generally with a view to improving the organisation and
working of forward markets;
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(e)
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To
undertake the inspection of the accounts and other documents of [any
recognised association or registered association or any member of such
association] whenever it considers it necessary; and
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(f)
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To
perform such other duties and exercise such other powers as may be assigned
to the Commission by or under this Act, or as may be prescribed.
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The
Forward Markets Commission has the following five divisions:
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1.
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Division
of Markets, Trading and Development (Market Division)
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2.
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Market
Intelligence, Monitoring & Surveillance ( M & S Division)
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3.
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Research,
Training and Intermediary, Registration and IT
(I R Division)
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4.
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Investigation,
Vigilance and Legal Affairs Division ( Legal Affairs Division)
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5.
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Commission
Secretariat including HR, Administration and Finance, Grievances ( Administration
Division)
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Each
division is headed by Director/Directors and supported by Deputy Directors,
Assistant Directors, Economic Officers etc.
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II. Powers and duties of its officers
and Exchanges
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Powers
of the Commission as indicated in Section 4 A of the F.C.(R) Act, 1952 are:-
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The
Commission shall, in the performance of its functions, have all the powers
of a civil court under the Code of Civil Procedure, 1908 (5 of 1908), while
trying a suit in respect of the following matters, namely:
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(a)
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Summoning
and enforcing the attendance of any person and examining him on oath;
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(b)
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requiring
the discovery and production of any document;
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(c)
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receiving
evidence on affidavits;
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(d)
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requisitioning
any public record or copy thereof from any office;
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(e)
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any
other matters which may be prescribed.
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(2)
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The
Commission shall have the power to require any person, subject to any
privilege which may be claimed by that person under any law for the time being
in force, to furnish information on such points or matters as in the
opinion of the Commission may be useful for, or relevant to any matter
under the consideration of the Commission and any person so required shall
be deemed to be legally bound to furnish such information within the
meaning of Sec. 176 of the Indian Penal Code, 1860 (45 of 1860).
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(3)
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The
Commission shall be deemed to be a civil court and when any offence
described in Sections. 175, 178, 179, 180 or Sec. 228 of the Indian Penal Code,
1860 (45 of 1860), is committed in the view or presence of the Commission,
the Commission may, after recording the facts constituting the offence and
the statement of the accused as provided for in the Code of Criminal
Procedure, 1898 (5 of 1898) forward the case to a Magistrate having
jurisdiction to try the same and the Magistrate to whom any such case is
forwarded shall proceed to hear the complaint against the accused as if the
case had been forwarded to him under Section 482 of the said Code.
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(4)
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Any
proceeding before the Commission shall be deemed to be a judicial
proceeding within the meaning of Sections. 193 and 228 of the Indian Penal
Code, 1860 (45 of 1860).
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Explanation.- For the purpose of enforcing
the attendance of witnesses, the local limits of the Commission’s
jurisdiction shall be the limits of the territory of India.]
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• Powers under Section 12
(B) of the F.C. (R) Act, 1952 to suspend the members of recognised
association or to prohibit him from trading.
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• Powers delegated by the
Central Government
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-Approval
of amendment to the rules of the recognised associations
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- Direct
rules to be made or amended
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Suspension of the business of the recognised associations
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- Issue
of directions to the recognised associations
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III.
The procedure followed in the decision making process,
including channels of supervision and accountability.
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The
activities/work of the Commission is divided in the following five
divisions:-
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1.
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Division
of Markets, Trading and Development (Market Division)
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2.
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Market
Intelligence, Monitoring & Surveillance ( M & S Division)
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3.
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Research,
Training and Intermediary, Registration and IT
(I R Division)
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4.
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Investigation,
Vigilance and Legal Affairs Division ( Legal Affairs Division)
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5.
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Commission
Secretariat including HR, Administration and Finance, Grievances (
Administration Division)
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Each
division is headed by the Directors and supported by Deputy Directors,
Assistant Directors, Economic Officers and Junior Research Assistants.
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As regards other
divisions, policy decisions are taken by Commission and various divisions put
up the same in practice based on the overall policy framework.
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Regional
Office, Kolkata
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Deputy Director at Regional
Office, Kolkata is Head of Office and is supported by Economic Officer,
Junior Research Assistant, UDCs/LDCs.
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IV. The norms set by it
for the discharge of the functions
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The
activities of the divisions are monitored regularly by the Commission.
Targets are prescribed for each division. The responsibilities of the
officers are fixed in case of any lapse noticed on their part. Complaints and
public grievances if any received from the public or any other sources are
processed and action as deemed fit taken against the officers.
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V.
The rules, regulations, instructions, manuals and records, held by it or under its control or used by its employees for discharging its
functions:-
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i)
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Forward
Contracts (Regulation) Act, 1952
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ii)
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Forward
Contracts (Regulation) Rules, 1954
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iii)
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Various
notifications issued by the Government under Forward Contracts (Regulation)
Act, 1952.
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VI. A statement of the
categories of documents that are held by it or under its control:-
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Files
pertaining to:-
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(a)
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Recommendations
relating to recognition of Exchanges/ withdrawal of recognition to
exchanges
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(b)
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Approval
of Articles of Association/Bye Laws/Rules, contract designs of Exchanges
and amendments thereto
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(c)
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Monitoring
of trade details received from Exchanges
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(d)
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Representation
received from the public
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(e)
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Administrative
and policy issues
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VII.
The particulars of any arrangement that exists for consultation with, or
representation by the members of the public in relation to the formulation of
its policy or implementation thereof:-
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A Coordination
Committee of Exchanges has been set up where major policy lines are
discussed. Besides regular interactions with the Exchanges (individually as
well in groups) is held before taking a final decision on any major policy
issue.
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VIII.
A statement of the boards, councils, committee and other bodies
consisting of two or more persons constituted as its part or for the purpose
of its advice and as to whether meetings of those boards, councils,
committees and other bodies are open to the public, or the minutes of such
meetings are accessible for public:
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- Risk
Management Group
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Minutes
of these meetings are circulated amongst the Exchanges.
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IX. A directory of its officers and
employees:
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X.
The monthly remuneration received by each of its officers and employees,
including the system of compensation as provided in its regulation:
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XI.
The Budget allocated to each of its agency, indicating the particulars of all
plans, proposed expenditures and reports on disbursements made:
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Not
applicable.
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XII.
The manner of execution of subsidy programmes, including the amounts
allocated and the details of beneficiaries of such programmes:
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Not
applicable.
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XIII. Particulars of recipients
of concessions, permits or authorisations granted by it:
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Not
applicable.
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XIV.
Details in respect of the information, available to or held by
it, reduced in an electronic form:
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• Forward Contracts
(Regulation) Act, 1952 and Forward Contracts (Regulation) Rules, 1954.
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• Daily and Fortnightly
trading data of the Exchange
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• Notifications issued
by the Government of India under F.C.(R) Act, 1952
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• Reports of various
committees and consultancy reports.
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XV.
The particulars of facilities available to citizens for obtaining
information, including the working hours of a library or
reading room, if maintained for public use:
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The
public can directly access the website of the Commission and mail their
queries from the link available in the site.
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The
working hours of the Library at FMC are from 9.30 A.M. to 6.00 P.M. (Monday
to Friday).
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XVI. The names, designations and
other particulars of the Public Information Officers:
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Shri
Anupam Mishra
Director (IR),
Forward Markets Commission,
‘Everest’, 3rd
Floor,
100, Marine Drive,
MUMBAI – 400 002
Tel. No. 2202 6541
Fax no. 2281 2086
E-mail- anupam.fmc@nic.in
XVII. Quarterly
Summaries for CPIO of FMC, Mumbai
FORM – II
Quarterly Summary for CPIO of Forward Markets
Commission, Mumbai for the quarter ending June 2007
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Sr.
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Name of CPIO
& Address
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No. of requests
received during the Qtr
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No. of requests
rejected during the quarter
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Amount of Charges
collected during the quarter
(in Rs.)
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No. of Decisions
received from Appellate Authority
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No. of Decisions
received from CIC
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Relevant sections
of RTI Act 2005
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Sec 8(1)
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Sections
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Total
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a
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b
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c
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d
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j
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9
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11
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24
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other
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1.
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Shri Anupam
Mishra, Director
Forward Markets
Commission
“Everest”, 3rd
floor,
100, Marine Drive,
Mumbai – 400 002
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2
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5
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Rs.30/-
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FORM II A
Quarter Summary of Appellate Authorities for
Forward Markets Commission for quarter ending June 2007
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Sr.No.
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Name of Appellate
Authority & Address
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No. of Appeals
received during the Qtr
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No. of requests
rejected during the quarter
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Decisions
received from CIC
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Relevant sections
of RTI Act 2005
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Number of
decisions received during the quarter
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Number of cases
involving penalties and disciplinary action
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Sec 8(1)
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Sections
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Total
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a
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b
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c
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d
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J
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9
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11
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24
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other
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1.
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Dr. Kewal Ram,
Member
Forward Markets
Commission, ‘Everest’, 3rd floor, 100, Marine Drive, Mumbai –
400 002
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