Negative price trading on MCX: Brokers approach Sebi with alternatives

MCX move follows after it settled April crude oil futures at minus Rs 2884 price even as their software was not permitting negative price trade following close of Nymex crude

Brokers have made a case to the Securities and Exchange Board of India (Sebi) against the trading of crude oil contract at negative price.

This comes a month after a controversial settlement of crude oil contract at negative price, during which the MCX has enabled its software system to quote and trade at negative price (below Rs 1). 

A few large brokers spoke, via a video call, with a senior Sebi official a few days back, and represented their case on trading in crude oil contract. 

Among several suggestions, they said intermediate auction window, suggested by the MCX, should start soon after the