MCX extends support services contract with 63 Moons for another six months
Multi Commodity Exchange (MCX), the largest commodity bourse in the country, has extended the support services being rendered by its existing software vendor, 63 Moons Technologies Ltd. for six months beginning from July 1, 2023.
In a regulatory filing, MCX informed that the consideration for the same would be ₹125 crore per quarter. This was higher than the consideration of ₹87 crore paid for the March 2023 quarter.
“We understand the importance of providing a reliable and robust platform to our users, and we are committed to continuously improving our services. We will communicate to all our stakeholders, about the roll-out plan to migrate to the new Commodity Derivatives platform,” MCX said.
MCX’s long-term support service arrangement with 63 Moons Technologies ended on September 30, 2022, as MCX had selected a new technology service provider.
In February 2021, MCX board had decided to award the contract for implementation of Commodity Derivatives Platform to Tata Consultancy Services (TCS), thereby migrating to TCS’ software to run its technology platform.
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However, this is the third time that MCX has extended the software support service arrangement with the existing service provider, which also was its founder-promoter, as MCX failed to migrate to the new trading platform within the deadline.
In a separate exchange filing, 63 Moons Technologies said, “We have once again agreed to the eleventh-hour request by Multi Commodity Exchange of India Limited (MCX), which according to MCX is for the ‘last time’ for one more time.”
This new arrangement of Software Support Service will be commencing from 1st July 2023 to 31st December 2023.
“We sincerely wish that this ‘last time’ really happens someday, so that we deploy our excellent team of exchange technology engineering group in mega promising opportunity in new digital world,” it added.
Meanwhile, MCX conducted a mock trading session to familiarise members with the new trading platform on June 26, after rescheduling it twice.
The shares of MCX have rallied 29% in one year, while that of 63 Moons Technologies have gained over 27% during the same period.
On Friday, MCX share price ended 0.38% higher at ₹1,631.25 apiece, while 63 Moons Technologies closed 0.81% higher at ₹216.75 apiece on the BSE.
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Updated: 29 Jun 2023, 11:14 AM IST
