Commodity trading in India has a long history. In fact, commodity trading in India started much before it started in many other countries. However, years of foreign rule, droughts and periods of scarcity and Government policies caused the commodity trading in India to diminish. Commodity trading was, however, restarted in India recently. Today, apart from numerous regional exchanges, India has six national commodity exchanges namely, Multi Commodity Exchange (MCX), National Commodity and Derivatives Exchange (NCDEX), National Multi-Commodity Exchange (NMCE) and Indian Commodity Exchange (ICEX), the ACE Derivatives exchange ( ACE )and the Universal commodity exchange (UCX). The regulatory body is Forward Markets Commission (FMC) which was set up in 1953. As of September 2015 FMC is merged with the Securities and Exchange Board of India, SEBI.
Read more at: http://www.moneycontrol.com/news/market-news/fmc-formally-mergessebi_3282501.html?utm_source=ref_articleSEBI.
Useful resources/links
Forward Markets Commission
National Multi-Commodity Exchange
Mcx Market Tips
Indian Commodity Exchange
Commodity Market Exchanges