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This article was originally published in The Public Ledger

INDIA'S regulator, the Forward Markets Commission (FMC), has asked the country's top agricultural exchange to investigate the sharp rise in turmeric and potato futures over the past few months. BC Khatua, chairman of the FMC, said the regulator was looking into it, adding he had asked the exchanges to provide reasons. Rajeev Agarwal, a member of the FMC, confirmed that themarket surveillance committee has assessed the price movement in spot and futures and asked for the reasons for such dramaticmoves. The benchmark turmeric May contract on the National Commodity & Derivatives Exchange has risen 61% in 2009 and on Monday hit a contract high of Rs5,692 ($113.85) per 100kg. Spot prices rose bymore than 40% during the same time. The most-active May potato contract has risen about 34% in the past month. Spot prices rose over 19% during the same period.

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