The government has said it will set up a committee to advise on ways to curb volatility in prices of commodities in the futures market. "We are in talks with the regulator Forward Markets Commission (FMC) and will constitute an advisory committee within a week," Food Minister K V Thomas said on the sidelines of a seminar.

The committee, which will consist of farmers, industry and media, will help the government to bring down the volatility in prices in the futures market, he added. The decision to set up a committee comes against the backdrop of recent price volatility witnessed in certain agricultural commodities, especially guarseed.

On the proposed Forward Contract Regulation Act (FCRA) Amendment Bill, the minister said the Bill is before the Cabinet. He said it is expected to be cleared in the Monsoon session. The FCRA Bill aims at developing the commodities futures market by strengthening the regulator FMC.