NEW DELHI: Following its failure in executing the project management for technology migration, the Multi Commodity Exchange of India Limited (MCX) has once again extended its software service support arrangement with 63 moons technologies for an additional six months.
MCX has made the decision to extend the support services provided by their existing software provider, 63 moons technologies, for a period of six months, starting from July 1 and ending on December 31, 2023. This extension comes with a consideration of Rs 250 crore, as mentioned in their filing to BSE on Thursday. 63 moons stated, "We would like to inform you that we have once again accepted MCX's eleventh-hour request, which they claim to be the 'last time' for another instance. We genuinely hope that this so-called 'last time' truly becomes a reality someday, allowing us to deploy our excellent team of exchange technology engineering in a mega promising opportunity within the new digital world."
Notably, this marks the third occasion where MCX has approached 63 moons to extend the software support service arrangement following the expiration of their long-term agreement on September 30, 2022.
MCX had previously selected TCS as their new technology service provider back in February 2021. The agreement with TCS dictated that MCX should initiate the technology migration from April 1, 2022. However, MCX failed to achieve the desired results within the specified timeline.
The 63 moons technology exchange engine has been at the core of MCX since 2003, functioning uninterrupted for 16 hours a day.
"As the founders and well-wishers of MCX, we extend our best wishes and hope that these new experiments lead them to the intended destination someday," added 63 moons.
MCX stated, "We understand the significance of providing our users with a reliable and robust platform, and we are dedicated to continuously enhancing our services. We will communicate the roll-out plan for migrating to the new Commodity Derivatives platform to all our stakeholders."
63 moons technologies primarily specializes in next-generation technology ventures and solutions, enabling the creation of digital markets and marketplaces that facilitate price discovery and enhance transaction efficiencies across various industry segments.
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