In a bid bring better coordination among all the financial regulators for resolving the multi-crore NSEL payment crisis, the Union Finance Ministry has taken over the Forward Markets Commission (FMC).

By taking over the FMC, the finance ministry has brought all the financial sector regulators like SEBI, RBI, PFRDA and IRDA under one umbrella.

The FMC will now work under the union finance ministry's Economic Affairs Department.

Previously, the functioning of the FMC, which regulates futures trading on as many as 21 commodity bourses including NCDEX and MCX, had been overseen by the Consumer Affairs Ministry.

This changeover is expected to help the government in resolving the Rs 5,600-crore NSEL payment predicament.

As commodity forward is a sort of financial transaction and FSLRC has already gave recommendation to bring all financial transactions under the jurisdiction of SEBI, the FMC will finally be merged with SEBI.