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Securities and Exchange Board of India (SEBI) Chairman Tuhin Kanta Pandey said on Wednesday that a committee has been established with the aim of expanding the scope of agricultural commodities in the country.

Speaking at an event organised by commodity derivatives exchange MCX, Pandey said that commodity brokers will be included in the new compliance reporting system by December.

The SEBI chief also said the market regulator is considering introducing FPI trading in the non-agri commodity derivatives segment. Analysts say such a move is set to boost market participation.  

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This move remains under consideration, according to the SEBI chairman.

He also said SEBI will engage with the government to permit commercial banks as well as pension and insurance funds to trade in this market.

MCX shares gained as much as 5.0 per cent to Rs 8,034.7 apiece on BSE after the news. 

At 12:45 pm, the commodity derivative scrip was up 4.2 per cent for the day, at Rs 7,975.8 apiece on the stock exchange. 

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Describing geopolitical tensions as "daily realities that impact production costs", Pandey stated that the doubling of tariffs by the US on copper and aluminium hurts India’s exports.

His remarks come roughly a fortnight after the US imposed an additional 25 per cent duty on Indian goods, taking the overall tariff to 50 per cent -- the maximum American levy imposed under the Donald Trump 2.0 administration.

The additional 25 per cent was imposed over India’s continued purchases of Russian oil. India has clarified that its crude imports from Russia are driven by market conditions and national interest to secure energy needs, describing the US tariffs and criticism as "unfair, unjustified and unreasonable".

However, positive comments from both sides have rekindled hopes of improving US-India trade relations going forward.

On Tuesday, Indian and American officials discussed a range of topics related to trade relations between the largest and fifth-largest economies, in a step towards a potential India-US trade deal.

This month, PM Narendra Modi and the US President expressed hope of finalising a trade deal between the two nations by the end of the year.

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