NEW DELHI (Reuters) - India will only review its ban on futures trading in four commodities next month and has no plans to suspend more contracts, Consumer Affairs Secretary Yashwant Bhave said on Tuesday.
After halting futures in rice, wheat and two varieties of lentils in 2007, India banned soyoil, potato, rubber and chickpea futures in May for four months to help check inflation, which has since risen to its highest in at least 13 years at nearly 12 percent.
On Monday, Commerce Secretary G.K. Pillai said the May ban, which expires next month, was likely to be extended next month but Bhave, whose ministry oversees futures trade in India, said no decision had been taken.
"The decision cannot be made one month in advance. We will take a call on that," he said.
Commodity futures in India, launched in 2003, have grown rapidly, attracting global firms like Goldman Sachs and Merrill Lynch, which hold small stakes in Indian bourses.
Opposition groups have blamed futures for fuelling inflation.
Bhave said lawmakers would soon take up a bill pending in parliament to give more teeth to the Forward Markets Commission, the commodities market regulator, so it can actively police the booming market and penalise manipulators.
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