On 28 September 2015 the FMC was merged with the Securities and Exchange Board of India (SEBI) to make the regulation of commodity futures market strong.
[4] The commission appeared in the news in March 2012 for their ban on guar gum futures trading after it said the price quadrupled due to its use in fracking causing food inflation.
[5] In September 2013, the commission responsibility was moved to the Ministry of Finance to reflect that futures trading was becoming more and more a financial activity.
However, in 1935 a law was passed allowing the government to in part restrict and directly control food production (Defence of India Act, 1935).
Post independence, in the 1950s, India continued to struggle with feeding its population and the government increasingly restricting trading in food commodities.
The result of the period of prohibition left India with a large number of small and isolated regional futures markets.