Explanation:

- The commodities derivatives market in India is regulated by the Securities and Exchange Board of India (SEBI).

- SEBI oversees all stock, commodity, and derivatives markets to keep things fair and transparent.

- PFRDA (Pension Fund Regulatory and Development Authority) looks after pension funds, not commodities.

- FCI (Food Corporation of India) manages food stocks and food security, not financial markets.

- IRDAI (Insurance Regulatory and Development Authority of India) keeps an eye on the insurance industry.

- RBI (Reserve Bank of India) regulates banks and manages monetary policy—it only handles financial derivatives to a limited extent, not commodity markets.

So, your answer “option:4–SEBI” is absolutely spot on.