Commodity trading in India has a long history.
However, years of foreign rule, droughts and periods of scarcity and government policies caused the commodity trading in India to diminish.
The regulatory body was erstwhile Forward Markets Commission (FMC) which was set up in 1953.
As of September 2015, FMC was merged with the Securities and Exchange Board of India, SEBI.
After this merger, SEBI has ordered to exit many commodity exchanges.