In an industry-first, two regulators – Forward Markets Commission (FMC) and capital markets watchdog- the Securities and Exchange Board of India (SEBI) Sebi – were today merged to create a unified regulatory body. The formal merger ceremony took place in Mumbai today in the presence of Union Finance Minister Arun Jaitley. He rang the customary stock market bell to formalise the amalgamation. The announcement of merger was made earlier this year by Finance Minister Arun Jaitley during Budget. The move aims to streamline regulation and curb wild speculations in commodities market, while facilitating further market growth.Speaking at the function, Finance Minister said it is the crucial and critical time for India so there is no scope for mistakes. He said world has now started viewing India differently. He said market participants and regulators should brace themselves to face global challenge.