I have been observing crazy thing happening in MRF Options.
Closing price of 98000 CE of MRF was 184.55 on 21st Sepetember 2022. But what I found on 22nd is that the upper circuit of that option was only 8.55. Don’t know how the circuit was calculated but for an innocent buyer, it is just a scam. Imagine purchaing a thing for 180 and next day knowing that the upper circuit (not even the lower circuit) is below 10.
Similar is with 100000 CE of MRF where LTP was 186.85 on 21st and on 22nd, again the Upper circuit was just 3.35. Same thing happened with 103000 CE.
In equity market also, I observed this in previous month. There is an ETF MOVALUE whose closing price was 58.35 on 29th August and next day itself, its upper circuit was around 50 levels.
If any person unknowingly purchase option/stock and this thing happens, then who will be responsible. It is just nonsense to see this kind of circuit system. If there should be circuit limit, then let it be +/- 10 or 20% of Adjusted Closing price. But changing the limit to 8 from 180 is not acceptable. This needs to be changed and a transparent circuit filter needs to be introduced.
Thanks
