MCX extends pact with 63 moons for 6 more mths
After failing to execute its technology migration, the exchange has decided to extend the support services from July 1 to Dec 31, 2023, at a consideration of Rs250 cr
image for illustrative purpose
New Delhi After failing to execute its project management of technology migration, the Multi Commodity Exchange of India Limited (MCX) has extended its software service support arrangement with 63 moons technologies for six months one more time.
MCX has decided to extend the support services of its existing software provider 63 moons technologies for six months from July 1 to December 31, 2023, at a consideration of Rs250 crore.
In its filing to BSE on Thursday, 63 moons said, “We wish to inform you that we have once again agreed to the eleventh-hour request by MCX, which according to MCX is for the ‘last time’ for one more time. We sincerely wish that this ‘last time’ really happens someday, so that we deploy our excellent team of exchange technology engineering group in a mega promising opportunity in a new digital world.” Notably, this is the third time that MCX approached 63 moons to extend the software support service arrangement after the long-term agreement with MCX ended on September 30, 2022. MCX selected the new technology service provider TCS way back in February 2021. According to the agreement with TCS, MCX had to migrate to the new technology starting from April 1, 2022. However, MCX failed to get desired results from TCS within the specified timeline. 63 moons stated: “We have been offering MCX since August 2020 an option to purchase the software source code for self-use which is in line with the practices adopted by all best exchanges in India as well as across the globe.”
