Commodity brokers are exploring ways challenging the settlement price of April crude oil futures by Multi Commodity Exchange Clearing Corporation (MCXCCL) in the Bombay High Court.
Never has it been the case when the stock market has fallen 40% and brokerages have seen rapid customer acquisition in the country. In a comparable scenario, after the January 2008 market crash, the acquisition rate had dropped and stagnated for a good 10-12 months. It was only after 2009 elections that retail investors started opening accounts.
At a time when traditional brokers are struggling to continue their services due to nationwide lockdown to curb the spread of coronavirus pandemic, online brokerages, including Upstox, 5paisa.com and Angel Broking, have seen a spurt in business.
The current crisis seems to be a blessing in disguise for these brokerages, as their number of clients as well as orders increased in March. Moreover, there has been a significant increase in trading volumes and demand for opening new accounts as well.