In a crucial development, the Multi Commodity Exchange of India (MCX) has obtained approval from the Securities and Exchange Board of India’s (SEBI) Technical Advisory Panel to transition to a new trading platform, marking a significant stride in enhancing its technological framework in collaboration with Tata Consultancy Services (TCS).
Previously operating on a platform from 63 Moons Technologie with a contract set to expire in December, MCX had orchestrated a well-structured plans**, to initiate the migration three months in advance. This was aimed at ensuring a seamless transition and continuous trading operations by running both platforms concurrently during the interim period.
However, the plan experienced a temporary setback when SEBI advised a pause on the migration due to writ petitions filed by the Chennai Financial Markets and Accountability, which highlighted technical issues related to the transition and is scheduled for a hearing on November 29.
Following a meticulous review, SEBI’s Technical Advisory Committee has officially sanctioned the migration to the TCS platform, alleviating the transient uncertainty that enveloped MCX’s transition plans.
This pivotal shift not only fortifies MCX’s operational capabilities but also underscores SEBI’s dedication to safeguarding the stability and integrity of market operations while meticulously navigating through legal and technical challenges. Stakeholders will monitor this significant transition keenly, as it heralds a new chapter in MCX’s operational journey and the broader commodity trading domain in India.
