Online Interactive Session for GRC Members of National Commodity Derivative Exchanges | February 17 & 18, 2022
NISM, MCX and NCDEX conducted an Online Interactive Session for GRC Members of National Commodity Derivative Exchanges on February 17 & 18, 2022.
Dr. V. R. Narasimhan, Dean, NISM welcomed all the speakers and GRC Members. He stated that we have a top-notch grievance redressal system. Our exchanges and GRC Member are a crucial part of it.
Dr. CKG Nair, Director, NISM enlighten the participants through his inaugural address and briefly discussed various issues like governance as well as systematic issues, SCORS system of SEBI, commodity derivatives grievances and the existing redressal framework. He also highlighted that the complaint of investor involves people, their lives and livelihood. The reason for setting up the grievance redressal committee is to identify the type or nature of complaints and resolve them in systematic manner.
Mr. Aliasgar S Mithwani, Chief General Manager – CDMRD, SEBI took a session on Commodity Derivative Markets in India – Regulatory Perspective. He briefly discussed various issues such as FMC merger with SEBI, major underlying commodities offered by the exchanges, market participants, the process of risk management & settlement, investor protection & disclosure, policy measures for Investors, grievance in commodity derivative segment, future road map for this segment, Gold spot exchange and some of the recent incidents and relevant court cases.
Mr. Shrikant Koundinya, Assistant Vice President – Training & Education, MCX addressed the GRC Members on the topic of Introduction of Commodity Markets whereas he discussed the commodity contracts, financial markets & interlinked asset classes, spot and derivatives, future and options, how the future prices should be determined etc.
Mr. Abhishek Rajurkar, Assistant Vice President – Quant & Market Structure, NCDEX discussed the types of indices in commodities markets, NCDEX GUAREX Performance, Weather derivative indices and advantages of these kind of indices.
Ms. Rashmi Nihalani, Vice President, Investor Services & Investor Protection Fund, MCX shared some of the recent changes in Regulations/SEBI directives such as client registration documents in vernacular languages, contract notes and brokerages, uploading clients’ fund balance and securities balance, annual global statement. Additionally, he highlighted the dispute resolution mechanism at the exchanges, arbitration mechanism, investor grievance redressal system, annual review of GRC Members and the investor awareness initiatives.
Dr. Swapnil Bangali, Director, Maharashtra National Law University discussed the emerging challenges of electronic evidence in matters of disputes raised in securities market, what kind of evidence may be admissible or inadmissible, secondary evidences, content of certificate to authenticate the digital evidence etc.
Dr. Rakesh Kumar Kakkar, Senior Arbitrator, Former Principal Commissioner – Income Tax and Former Chief General Manager – SEBI gave some insight on the role of GRC & mechanism to handle the cases.
The programme was attended by around 50 GRC Members. During the Q&A session, the Speakers addressed all the queries raised by the participating GRC Members.
The programme concluded with a vote of thanks by Mr. Shailesh Pingale, Programme Director and Head – APU (ACC), NISM.
