Bombay HC gives four week to MCX, Sebi to reply on negative crude price

Court refuses to stay MCX's April 21 circular, which fixed a negative settlement price on the Aprol crude oil contract

The Bombay High Court today refused to stay the April 21 circular of the Multi Commodity Exchange of India (MCX), which fixed a negative settlement price on the April crude oil contract.

The petitioner, Motilal Oswal Financial Services Ltd (MOFSL), had filed a suit against MCX and markets regulator Sebi, seeking a stay on the processing of the circular which fixed (minus) Rs 2,884 a barrel as the price of crude oil.

Hearing the case today, the court granted four weeks to MCX and Sebi to file their responses. 

In yet another case on the same issue, the Delhi High Court refused to