The correct answer is A. FMC.
The Forward Markets Commission (FMC) is a regulatory body in India that was established in 1952. It is responsible for regulating the forward markets in India, which include the commodity futures market and the currency futures market. The FMC is also responsible for regulating the activities of commodity brokers and currency brokers.
The Insurance Regulatory and Development Authority (IRDA) is a regulatory body in India that was established in 1999. It is responsible for regulating the insurance industry in India. The IRDA is responsible for licensing insurance companies, setting standards for insurance products and services, and regulating the activities of insurance companies.
The Pension Fund Regulatory and Development Authority (PFRDA) is a regulatory body in India that was established in 2003. It is responsible for regulating the pension fund industry in India. The PFRDA is responsible for licensing pension fund managers, setting standards for pension products and services, and regulating the activities of pension fund managers.
The Securities and Exchange Board of India (SEBI) is a regulatory body in India that was established in 1992. It is responsible for regulating the securities market in India. The SEBI is responsible for licensing stock exchanges, setting standards for securities products and services, and regulating the activities of stockbrokers and other market participants.
The FMC is the only regulatory body listed above that does not regulate the securities market. The other three regulatory bodies (IRDA, PFRDA, and SEBI) all regulate the securities market.