In a bid to rein in market manipulators, commodity market regulator Forward Markets Commission has warned of stricter steps against the unscrupulous elements and manipulators.

Addressing western zone members of the national exchanges, FMC Chairman BC Khatua said this steps are needed to build confidence among investors.

He said to ensure greater participation in the market, there was a need for more stringent and responsive regulation that would increase the confidence of market participants in the market, maintain financial and market integrity, and discourage malpractices.

Dr Kewal Ram and Rajeev Agarwal, members of the commission, and around 30 members of the exchanges attended the meeting.

Khatua said regulation had become a challenging task now as manipulators too were well versed with sophisticated technology.

Strengthening the legal framework, which has become somewhat dated, will enable the regulator meet the challenges thrown by the market, he said.

Khatua also directed members and exchanges not to focus on profits alone. "The exchanges and their members should not only strengthen their capital base but also put in place a comprehensive and transparent governance structure," he said.