On Sunday, the Multi commodities Exchange of India (MCX) said that it has gained approval from the Securities and Exchange Board of India’s (SEBI) technology panel to launch its new web-based commodities derivatives platform (CDP).
“Subsequently, SEBI technical advisory committee has recommended that MCX and MCXCCL may Go-Live with the CDP and to intimate SEBI regarding the proposed date for Go Live,” MCX stated in a filing with the stock exchange.
The SEBI tech panel’s permission comes only days after the capital markets regulator advised MCX to postpone the scheduled launch of the new commodity derivatives platform in the first week of October. According to a filing with the bourses, the capital markets regulator stated that the decision to put MCX’s intended go-live of the new CDP on hold was due to technical concerns.
“Because the Exchange is ready and eager to go live as soon as possible, the Exchange will continue to conduct CDP mock tests pending further instructions from SEBI.” This notification will also be accessible on the Company’s website at https://www.mcxindia.com/,” it added.
SEBI informed MCX that CFMA has forwarded a letter about the new platform dated September 27. It will take up the topic in its meeting because it involves “technical issues,” MCX said in a filing.
SEBI has now retracted its order and requested that the company propose a ‘go-live’ date for the new platform. MCX has previously stated that its commodity derivatives platform would be operational on October 3. In yet another filing, the company stated that the new CDP platform will assist members with risk management, collateral management, and the settlement of related services to members and market participants.