Forward market Commission (FMC), the commodity market regulator, on Thursday announced the formation of a committee to oversee the future auctions and bidding for the liquidation of stocks held by defaulting members of the National Spot Exchange (NSEL). The FMC?s notification came in response to a complaint by an NSEL investor, who alleged that during a recent auction of castor seeds, some companies related to the tainted ex-CEO of the bourse, Anjani Sinha, also participated. FMC said that the five member committee would comprise of one representative each from the Commodity Participants Association of India (CPAI), Association of National Exchanges Members of India (ANMI), BSE Brokers? Forum and two representatives of NSEL Investors Forum. It directed the panel members to report any concerns or adverse observations they may notice during the future auctions. It further refrained any group entities or associate concerns of NSEL and Financial Technologies or any related entity from participating in the bidding process, including the board members and employees of these entities.