As part of Agricultural reform process, the Government of India has allowed futures trading in almost all agricultural commodities including tea, coffee, rubber and cardamom and also in gold, silver and steel. The Forward Markets Commission (FMC), theregulatory authority for commodities futures trading under the aegis of the Ministry of Consumer Affairs, Food and Public Distribution, Government of India, has provided 'in-principle' approval to UPASI to set up and run futures trading in tea in July 2002. Since the grant of licence, UPASI has taken initiatives towards setting up an Exchange and a separate company by name UPASI Commodities Exchange Limited (UCEL) was incorporated under the Companies Act, 1956 with the Registrar of Companies, Coimbatore, in December 2003. The 'in-principle' approval granted by the FMC expired on 1st March 2003 and then it was extended upto 31st July 2004 and subsequently upto 31st October 2004 on the condition that further extension will not be granted under any circumstances.
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