Ban futures trading: Narendra Modi

New Delhi: As part of steps to control high food prices, PM's Working Group on Consumer Affairs -- led by Gujarat Chief Minister Narendra Modi -- called for ban on futures trading in essential items and favoured liberalising agri-markets via organised retail.

The group has made 20 recommendations with 64 action points, ranging from banning futures trade in essential items to making offences under the Essential Commodities Act as non-bailable. It has also suggested setting up of special courts for early trials.

The Working Group, set up in April 2010 to find ways to control retail prices, today submitted the report to Prime Minister Manmohan Singh here.

Apart from Gujarat, Chief Ministers of Andhra Pradesh, Tamil Nadu and Maharashtra were members of the group.

"Considering lack of strong linkages between spot and future markets at present, the Modi Report suggested that for the time being, essential commodities should be kept out of the futures