Brokerages drag MCX to HC over negative price settlement of crude

The three commodity brokers that have filed separate petitions against MCX and Sebi in include Motilal Oswal Financial Services, PCS Securities, and Religare

Three leading commodity brokers moved the Bombay High Court (HC) on Wednesday against the Multi Commodity Exchange (MCX) of India and the Securities and Exchange Board of India (Sebi) over negative settlement price of crude oil for an April contract that expired on Monday.

The three commodity brokers, which have filed separate petitions against MCX and Sebi, are Motilal Oswal Financial Services, PCS Securities, and Religare.

“Three brokerages have moved Bombay HC seeking redress. A lot of other brokerages, too, are moving courts on Thursday and Friday,” said Narinder Wadhwa, president, Commodity Participants Association of India.  An executive from Motilal Oswal Financial