Explanation:

- The Forward Markets Commission (FMC) was the chief regulator of commodity futures markets in India. However, it merged with SEBI, the Securities and Exchange Board of India, in September 2015.

- Option 2: SEBI is the correct answer. The merger was aimed at streamlining regulations and improving oversight of commodity markets.

- Option 1: AMFI is the Association of Mutual Funds in India and is not a regulator.

- Option 3: PFRDA is the Pension Fund Regulatory and Development Authority.

- Option 4: IRDA is the Insurance Regulatory and Development Authority.

- Option 5: RBI is the Reserve Bank of India, the central banking institution.