Market regulator Securities and Exchange Board of India's (SEBI) Technical Advisory Panel has given a go-ahead to Multi Commodity Exchange of India (MCX's) proposal to shift to a new trading platform, as reported by CNBC-TV18 on October 6.
MCX is now permitted to launch a new web-based commodity derivatives platform (CPD) after several delays. SEBI has withdrawn its ‘Abeyance’ order as tech advisory panel approved the shift.
"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 said in a regulatory filing.
The approval comes after SEBI had asked to put on hold the proposed go-live of its new commodity derivatives platform planned for the first week of October. The reason was the filing of writ petitions by the Chennai Financial Markets and Accountability in the Madras High Court. These petitions raised technical issues surrounding the platform transition, prompting SEBI to exercise caution.
In a circular dated September 27, MCX noted that the new CDP platform would interface with members for providing collateral management, risk management, and settlement of related services. MCX had said earlier that its commodity derivatives platform would go live on October 3.
First Published: Oct 8, 2023 2:24 PM IST
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