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(Photo: PTI) New Delhi: Markets regulator Sebi on Thursday proposed to allow mutual funds and portfolio managers to invest in commodity derivatives market in its attempt to widen investments in this asset class.However, the paper, which also aims to determine an ideal regulatory framework for such investments, was silent on whether these investors would be allowed in agriculture as well as non-agri commodities. Floating a paper on permitting MF and portfolio managers to participate in commodities, Sebi on Thursday invited comments from all concerned stakeholders in this regard till the month-end.Floating a paper on permitting MF and portfolio managers to participate in commodities, Sebi on Thursday invited comments from all concerned stakeholders in this regard till the month-end.Sebi has been taking several steps to deepen the commodity derivatives market with necessary safeguards ever since it came under its regulatory jurisdiction nearly two years ago and it allowed certain alternative investment funds earlier this year to participate in this segment. Sebi has already held a series of meetings with various stakeholders to discuss issues relating to allowing MFs and PMs in the market.Sebi has already held a series of meetings with various stakeholders to discuss issues relating to allowing MFs and PMs in the market.

The commodity derivatives market has been running without any institutional participation thereby lacking the desired liquidity and depth, which is one of the key elements for the efficient price discovery and price risk management.The participants of commodities derivatives market, which was regulated by the Forward Markets Commission (FMC) before it was merged with Sebi, has been requesting for long for various institutional investors to be allowed to invest.It said commodity derivatives provide a new asset class to the investors, thereby may benefit them with effective portfolio diversification. “Adding commodities in the portfolio would typically increase some risk, but the overall risk adjusted return of the portfolio may improve,” Sebi said, while noting that a substantial number of investors are not able to directly access the commodity derivatives market due to lack of knowledge and expertise.In past, various panels have recommended allowing domestic and foreign institutional investors in commodities in a phased floor insulation Suppliers manner to help in improving the price discovery process

India would be vindicated if the proper process was followed, it said.It said Washington had skipped legal steps, failed to follow the correct Wholesale floor insulation WTO procedure, and omitted to mention any specific level of trade sanctions that it proposed to level on India, leaving India “severely prejudiced”. The WTO judges agreed that India had broken the trade rules by requiring solar power developers to use Indian-made cells and modules..“In view of the above, India strongly objects to the US request of 19 December 2017,” it said.

India said it had changed its rules to conform with the ruling and that a US claim for punitive trade sanctions was groundless.But the United States complained to the WTO in 2013, saying US solar exports to India had fallen by 90 per cent.That amounted to prima facie evidence of serious injury to Indian firms, India said in the WTO filing.India said the market share of imports had increased from 86 percent in 2014-15 to 90 percent in 2017-18, with growing losses for Indian producers and a fourfold rise in inventory levels.In a statement published by the WTO on Monday, India said it had changed its rules to conform with the ruling and that a US claim for punitive trade sanctions was groundless.In December, the United States triggered a new round of litigation at the WTO, arguing that India had failed to abide by a ruling that it had illegally discriminated against foreign suppliers of solar cells and modules. India unveiled its national solar programme in 2011, seeking to ease chronic energy shortages in Asia’s third-largest economy without creating pollution.