Shares of 63 Moons Technologies hit the 5 percent upper circuit on February 13 as MCX faced technical glitches in its commodity derivatives trading platform.
63 Moons was the MCX's previous tech vendor. The exchange had migrated to the Deutsche Börse's T7 platform in collaboration with TCS in December 2023.
"The exchange is facing some technical issues in its commodity derivatives trading platform on February 13, and teams from the exchange as well as technology vendor TCS are working to resolve the issue," MCX said in a filing.
At 12:30pm, the MCX stock was quoting at Rs 3,400 on the NSE, down 2.5 percent, while 63 Moons was up 5 percent at Rs 454.85.
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63 Moons and MCX - a bittersweet story
In June 2023, 63 Moons Technologies had informed exchanges that MCX approached it at “the eleventh-hour” to extend its services for the “one last time” for six months, which it agreed to. MCX had to cough up Rs 250 crore to renew the contract.
63 Moons had said that it offered MCX the option to purchase the software source code for self-use but it did not opt for it "for reasons best known to them".
MCX’s transition efforts to the new platform date back to February 2021, when the its board decided to award the contract for implementation of the Commodity Derivatives Platform to TCS.
The recent glitch is the first incidence of a major technical issue after MCX finally migrated to the TCS platform in December. With trading stopped for over four hours now, the exchange could be liable to pay a hefty fee as mandated by market regulator Sebi.
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