MCX share price: After market regulator, Securities and Exchange Borad of India (SEBI) asking Multi Commodity Exchange (MCX) to keep its Commodity Derivative Platform (CDP) launch in abeyance, MCX shares witnessed heavy sell off pressure during early morning session. The monopoly stock opened lower in the opening bell at ₹1,970 per share and went on to hit intraday low of ₹1,913.25 per share within few minutes of stock market’s opening today, logging near 9 per cent dip from Thursday close of ₹2,096.55 levels.
MCX share price climbed to new life-time high of ₹2,114.40 per share on NSE during Thursday deals after MCX announced to launch Commodity Derivative Platform on 3rd October 2023. The exchange also declared to schedule mock session on 2nd October 2023.
However, on Friday morning, market regulator SEBI asked MCX to keep the CDP launch in abeyance. SEBI put a gag on MCX’ CDP launch citing ‘technical issue’ in regard to the CDP launch.
SEBI on MCX CDP lauch
The MCX informed about the SEBI’s gag citing, “Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please be informed that SEBI has vide email dated September 28, 2023 forwarded a copy of the letter dated September 27, 2023 from Chennai Financial Markets and Accountability (CFMA) regarding CDP. It may be noted that writ petitions filed by CFMA on CDP is pending before the Hon’ble Madras High Court for disposal, The Regulator has informed that since the matter involves technical issues, the same would be discussed in the SEBI Technical Advisory Committee meeting, which would be held shortly. Meanwhile, SEBI has advised the Exchange to keep the proposed Go-Live of CDP in abeyance."
However, MCX maintained that it would continue to organize and schedule mock session through the Tata Consultancy Services (TCS) serviced platform.
NSE registered investor base surpasses 8 crore mark
This is not the first time when MCX is going to adopt a new technology platform. Previous MCX’ attempts had to face impediments by technical issues, leading to the renewal of their agreement with 63 Moons. MCX has renewed its contract with 63 Moons in June of this year. with this renewal of contract with 63 Moons, MCX has secured the platform till December 2023. This renewal has come at a quarterly price of ₹125 crore, which means ₹250 crore for the July-December 2023 period.
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