Commodity Brokers To Discuss Tech Outages With MCX Chairperson
The commodity brokers are likely to hold virtual discussions with regards to the repeated tech outages with the Chairperson of India’s top commodity bourse, MCX. The three major stakeholders in this meeting are the Chairperson, the top management officials, and the brokers, people with direct knowledge of the matter told NDTV Profit.
Background of the Issue
The bourse went through a four-hour trading halt this Monday, and a previous instance spanning over an hour took place on July 23. NDTV Profit had reported at the time that the market regulator, Securities and Exchange board of India, may also look into the issue in a regulatory manner. For more information on the Securities and Exchange Board of India, visit our website.
Recurrence of Tech Issues
NDTV Profit was further told that the glitches have been recurring for the past two years and the Commodity Participants Association of India, a brokers’ body, has raised the issue with the exchange several times. They have sought a meeting with the MCX Chairperson as well and expect a response by next week. To learn more about the Commodity Participants Association of India, click here.
Impact on Brokers
These tech issues have become a pain point for brokers and one of the major issues is in the form of delays in getting settlement files, according to one of the sources mentioned above. Speaking to the affected parties, NDTV Profit was further informed on Monday that major tech issues have been persistent for the past two to three days. The trading orders are not getting confirmed and the settlement files are not coming on time, they said. For information on trading orders and settlement files, visit our website.
MCX Overview
MCX has 544 registered members and 32,480 Authorised Persons across India as of March 2025. The bourse has a market share of about 98% in terms of the value of commodity futures contracts traded in the financial year 2024-25. To know more about the MCX registered members and MCX Authorised Persons, click on the respective links.
Conclusion
The meeting between the commodity brokers, the MCX Chairperson, and the top management officials is a step towards resolving the recurring tech outages that have affected the commodity market. The brokers are hopeful that a resolution will be reached, and the issues will be addressed soon. For the latest updates on the Indian commodity market, visit our website regularly.
