Mumbai (Maharashtra) [India], August 12 (ANI): Securities and Exchange Board of India (SEBI) Chairman Tuhin Kanta Pandey encouraged the commodity markets' ecosystem to develop localized standards that reflect domestic market fundamentals rather than relying solely on international indices. The SEBI chief also outlined four major priorities for the commodity derivatives market to enhance market efficiency, broaden participation, strengthen ties with the physical market, and investing in market education. "Warehousing, assaying, quality standards, and credible delivery systems are essential for effective convergence between the derivatives and physical market." He said, "Under Project Jagrook, we will strengthen commodity market awareness among farmers, FPOs, MSMEs, hedgers and other market users. Pandey highlighted that "a successful commodity derivative market is one in which the real economy is better able to manage risk."