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<h1>SEBI Sets New Rules for Commodity Derivatives Brokers Post-FMC Merger; Existing FMC Rules Valid Until Sept 2016.</h1> The circular issued by the Securities and Exchange Board of India (SEBI) outlines the regulatory framework for commodity derivatives brokers following the merger of the Forward Markets Commission (FMC) with SEBI. It specifies that existing FMC rules will remain in force until September 28, 2016, or until SEBI notifies otherwise. The circular divides regulatory provisions into three parts: Part A lists FMC circulars that are repealed in favor of SEBI circulars; Part B retains certain FMC circulars specific to commodity derivatives; Part C repeals other FMC circulars. Exchanges are instructed to implement these changes, amend relevant regulations, and ensure compliance through audits and inspections.