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Foreign exchange market in India started three decades ago when in 1978 the governmentallowed banks to trade foreign exchange with one another. Today over 70% of thetrading in foreign exchange continues to take place in the inter-bank market. The marketconsists of over 90 Authorized Dealers (mostly banks) who transact currency amongthemselves and come out “square” or without exposure at the end of the trading day.Trading is regulated by the Foreign Exchange Dealers Association of India (FEDAI), aself-regulatory association of dealers. Since 2001, clearing and settlement functions inthe foreign exchange market are largely carried out by the Clearing Corporation of IndiaLimited (CCIL) that handles transactions of approximately 3.5 billion US dollars a day,about 80% of the total transactions. This paper is divided in to four sections section onedeals with the introduction of the study along with the exchange rate systems, sectiontwo tries to explain the trends in the Indian foreign exchange market whereas sectionthree explains the features of the different components of the foreign exchange markets,section four assess and analyse the regulations and the role played by the forwardmarket commission in Indi till its merger. The Financial Sector Legislative ReformsCommission (FSLRC) had earlier stressed on the need to move away from sector-wiseregulation. It proposed a system in which RBI would regulate the banking and paymentssystem, and a Unified Financial Agency (UFA) would subsume all other financial sectorregulators such as SEBI, IRDA, PFRDA and FMC, to regulate the rest of the financialmarkets, which results in the merger of the FMC with SEBI. Hence section four focuseson the recent merger of this organisation with SEBI.

Role played by FMC in the Indian Economy and Merger of Forward Market Commission in SEBI