 NSEL commenced operations providing an electronic trading platform in October 2008 and simultaneously, as many as six state governments issued licenses under the model Agricultural Produce Market Committees (APMC) Act to NSEL.In August 2011, the Forward Markets Commission (FMC) was appointed as the ‘designated agency’ to regulate these spot exchanges.Immediately after being designated the agency to supervise and regulate spot exchanges by the MoCA, the FMC sought clarification from NSEL regarding the fulfillment of conditions stipulated under the exemption notification.