By: ABP News Bureau | Updated at : 29 Sep 2023 05:58 PM (IST)
At 14.00 PM, the scrip of Multi Commodity Exchange of India (MCX) was trading down 1.05 per cent at Rs 2,078 on BSE. ( Image Source : Getty )
Shares of Multi Commodity Exchange of India (MCX), India's largest commodity derivatives exchange, saw a sharp decline on Friday after market regulator SEBI temporarily halted the scheduled launch of MCX's new Commodity Derivatives Platform (CDP). The migration to this new platform, developed by TCS, was initially slated for October 3 but is now expected to face delays.
According to the Moneycontrol report in early trade, MCX stock was quoting at Rs 1,944.10 on the NSE, lower by 7 per cent from the previous close. This was after the stock gained around 16 per cent in the past five sessions in anticipation of the new platform launch.
At 14.00 PM, the scrip of Multi Commodity Exchange of India (MCX) was trading down 1.05 per cent at Rs 2,078 on BSE.
"As the Exchange is ready and keen to go-live as soon as permitted, the exchange will continue to conduct CDP mock tests pending further directions in the matter from SEBI," the filing added.
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SEBI's decision was prompted by a complaint filed by the NGO Chennai Financial Markets and Accountability (CFMA), which raised concerns about a purported data theft scandal involving MCX, the Moneycontrol report said. The next hearing on this matter is scheduled for October 3 in the Madras High Court.
In a separate filing, MCX informed on Friday that SEBI has advised MCX and MCXCCL to furnish detailed comments on the issues raised in the letter dated September 27, 2023 from Chennai Financial Markets and Accountability along with supporting documents by October 03, 2023. The same would also be placed before the SEBI Technical Advisory Committee meeting.
The report noted that the launch of the new platform was initially planned three months ahead of the December deadline. In late June, MCX had extended its support services contract with 63 Moons for an additional six months, at a cost of Rs 125 crore per quarter.
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