While announcing the budget, Nirmala Sitharaman said that finance ministry will notify Securities and Exchange Board of India (SEBI) as regulator for gold exchanges.
Earlier, a committee appointed by the finance ministry had recommended SEBI to regulate spot commodities. However, SEBI, in turn, proposed a separate sectoral regulator for the spot exchange.
A Finance Ministry-appointed committee, under the leadership of NITI Aayog member Ramesh Chand, had pointed out the importance of regulation in the spot market after the National Spot Exchange scam of Rs 5,600 crore in 2013.
