MCX set to go live on TCS platform from Oct 3rd, say sources; shares jump by 9%

Multi Commodity Exchange (MCX) witnessed a surge in its share price, soaring over 9% and hitting a new 52-week high on Monday.

This surge comes as MCX is gearing up to go live with its brand-new trading platform, serviced by Tata Consultancy Services.

While MCX has not officially confirmed the exact date of its transition to the TCS-backed platform, it could be as early as the 3rd of October. This is pending approval by the capital markets regulator, which needs to be secured to commence operations.

Sources say that MCX has been in regular touch with SEBI over the past month or so, to ensure a smooth approval process.

In February 2021, the MCX board decided to partner with TCS to manage their commodity derivatives platform. However, this migration was delayed several times, which resulted in short term extensions of the software support service arrangement with 63 moons at a higher price.

In June earlier this year, India's largest commodity exchange declared an extension of its support services agreement with its current software vendor, 63 Moons Technologies, until December 2023.

MCX is likely to keep the 63 Moons platform as a backup until December, in case of any issues on the new TCS platform. However, sources have revealed that the mock sessions on the TCS platform have so far been smooth.

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