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<h1>Forward Markets Commission Formed Under Forward Contracts (Regulation) Act, 1952; Members Serve Up to Three Years</h1> The Forward Markets Commission is established by the Central Government through a notification in the official Gazette under the Forward Contracts (Regulation) Act, 1952. It consists of two to four members, including a Chairman, appointed by the Central Government. Members must be individuals of integrity and expertise in commerce, commodity markets, or administration. They must not have interests that could compromise their duties. Members serve a term of up to three years and may be re-appointed. The terms and conditions of service for Commission members are prescribed by the Central Government.