Taking forward the announcement made by Finance Minister Arun Jaitley in his budget speech earlier this year, FMC — Forward Markets Commission—would be merged with Sebi —Securities and Exchange Board of India — tomorrow. <br/><br/>The merger will create a unified regulatory body . This will be the first ever merger of two regulators in which over 60-year-old FMC will merge with the relatively younger but much bigger capital markets watchdog Sebi. The merger would take place in Mumbai at a function attended by the Finance Minister tomorrow.<br/><br/>Sebi was set up in 1988 as a non-statutory body for regulating the securities markets.It became an autonomous body in 1992 with fully independent powers. FMC, on the other hand, has been regulating commodities markets since 1953.