The US-based Commodity Futures Trading Commission has sent a delegation of senior staff to provide technical assistance and training to India's commodity futures regulator, the Forward Markets Commission.

The training is taking place at the FMC office in Mumbai from May 23-29.

Commenting on the training, CFTC Chairman Reuben Jeffery III, said: "This technical assistance program fosters on-going cooperation between the CFTC and the FMC. Domestic and foreign market participants benefit from developed markets which are financially sound and that are free from abusive practices."

The CFTC and the FMC had entered into a Memorandum of Understanding regarding futures regulatory cooperation and the provision of technical assistance in October of 2006.

A statement from the apex US futures body said CFTC and FMC share the goal of building and maintaining open, efficient and financially sound futures and options markets and recognise that the development of effective domestic legal and regulatory structures is essential to market integrity and investor protection.

"This technical assistance program, provided by the CFTC and funded by the United States Agency for International Development, will benefit FMC staff as well as futures exchange representatives and industry professionals from all over India," the statement added.

The training programme will focus on product development-contract design; enforcement issues through the use of case studies; market surveillance and compliance issues; trade practice surveillance and investigation issues; and the clearing process and the use of intermediaries.