印度国家现货交易所违规事件的分析与借鉴

The Analysis and Reference from Indian National Spot Exchange's Violations

2013年7月12日,印度最大的商品现货交易所——国家商品现货交易所因违法从事远期交易被印度政府勒令暂停上市新合约,未平仓合约到期交割。之后该交易所的违法行为不断曝光,目前已经蔓延至股东以及关联的印度最大的商品期货交易所——印度多种商品交易所,印度商品期货市场近年来快速发展的势头受到明显遏制。该事件清晰地揭示了印度界定现货、远期和期货的法律和实践,值得深思,而且逐步曝光的违法行为和不断升级的处罚措施也很有借鉴意义。

On July 12, 2013, India＇s largest commodity exchange - the National Spot Exchange Ltd was ordered by Indian government to suspend the listing of new contracts and to deliver the outstanding contracts on maturity date. Then due to the exposure of violations of the Exchange, the influence has now spread to the stake holders and associated Multi Commodity Exchange （India＇s largest commodity futures exchange）. Indian commodity futures market momentum of rapid development in recent years has been significantly curbed. The incident clearly reveals the law and practice of defining spot, forward and futures in Indian. It is worth pondering for us. The gradually exposure of violations and penalties are useful references for us.