New Delhi, April 22: Amid demand from Left and other parties for a ban on futures trading in essential commodities, Planing Commission today said rising prices were not connected with such trading and any restriction will be contrary to "normal economic rationale".

"Prices rise or do not rise is not at all connected with whether there is a futures market or not," Deputy Chairman of the Commission Montek Singh Ahluwalia told reporters here on the sidelines of a seminar.

He said the Abhijit Sen panel, studying the whole issue, has pointed out that in certain commodities the prices grow despite a ban on their futures because there was a global surge in their rates.

Ahluwalia also said there was a rise in prices of some commodities where there was no ban on their futures trading.

Reminding the critics of futures market about Chinese experience, he said, "There is very active futures market in China... The notion that futures market create inflation, is simply not supported."

Responding to a query on extending the ban to other commodities in futures trading, he said: "We should not ban it. It will be a serious mistake."

The Planning Commission Deputy Chairman, however, suggested that the regulatory framework governing the futures market be strengthened.

An ordinance in this regard, which was notified late last year, lapsed early this month.

"The real issue is to regulate futures market correctly. The danger always comes if futures market are manipulated. I am looking forward to see whether the Sen panel report says that futures market in our country are being manipulated," he said.