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MCX India, 63 Moons agree on three-month service extension effective October 1

MCX India, 63 Moons agree on three-month service extension effective October 1

MCX India, 63 Moons agree on three-month service extension effective October 1
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By CNBCTV18.COMSept 30, 2022 8:17:52 PM IST (Published)

In a regulatory filing, 63 Moons said, "...we wish to inform that at the request of Multi Commodity Exchange of India Limited (MCX), a fresh arrangement for Software Support Services to MCX for a period of three months commencing from 01st October 2022 has been agreed as per new terms of engagement."

Multi Commodity Exchange of India (MCX) and software vendor 63 Moons on Friday announced that they have agreed on a three-month extension of services starting October 1.

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In a regulatory filing, 63 Moons said, "...we wish to inform that at the request of Multi Commodity Exchange of India Limited (MCX), a fresh arrangement for Software Support Services to MCX for a period of three months commencing from 01st October 2022 has been agreed as per new terms of engagement."
MCX, in its own regulatory filing, said the terms of service will remain as per the agreement which lapsed on September 30. "MCX has today issued a Purchase Order to 63 Moons Technologies Ltd. (63 Moons) for extending Support and Managed Services for its existing trading & clearing platform for a period of three months, beginning from 1st October, 2022 to 31st December, 2022," the filing said. 
On Thursday, MCX stock had dipped 5 percent on a week-on-week basis and 10 percent on a month-on-month basis over concerns among traders and investors about the contract expiry.
The concerns were fanned by a 63 Moons statement which said MCX can not use the software and will have no access to the source code to rectify potential bugs. "...If the trading or settlement system halts for any reason, no workaround is possible by any third person... as no access to source code is available to MCX," the statement said.
On Thursday, September 29, the stock was trading at Rs 1,189.30, up over 2 percent from the previous close at BSE around 3.30 pm.
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