Mumbai, Sep 30 (PTI) Commodity exchange MCX on Friday averted a possible crisis on its trading platform from Saturday by agreeing to continue with the existing trading platform being supplied by 63 Moons Technologies for another three months.

Both the entities were squabbling for almost two years over pricing for continued service support.

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In separate statements, both the exchange as well as the software vendor agreed to continue with the existing software for next three months beginning Saturday, October 1.

In regulatory filings, Ajay Puri, the company secretary at Multi Commodity Exchange of India, said the exchange today issued a purchase order to 63 Moons Technologies for extending support and managed services for its existing trading and clearing platform for a period of three months, beginning from October 1 to December 31, 2022.

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The parties will enter into a fresh arrangement as per agreed terms; however, the services envisaged under the existing agreements with 63 Moons shall remain the same, the filing added.

In a separate filing, Hariraj Chouhan, the company secretary at 63 Moons said, at the request of MCX, a fresh arrangement for software support services for three months commencing from October 1 has been agreed as per new terms of engagement.

As communicated earlier, the ongoing software support and maintenance agreement with MCX ended on Friday (September 30, 2022), it added.

On September 26 MCX told PTI that they were not renewing the contract with 63 Moons due to unaffordable price they are demanding and had expressed the hope that exchange would run smoothly from Saturday as the move to the new software being developed by TCS, which could take at least three-four months more to go live.

On the same day 63 Moons had warned that MCX would be taking a huge risk by being confident of not facing any technical/software glitches after September 30 when their contract ended along with service support.

MCX had floated a public request for proposal in October 2020 which closed in December 2020. And it began discussions with 63 Moons for a new agreement in October 2020 and the last communication from MCX seeking inputs/clarification for negotiation was received in January 2021. MCX had again approached 63 Moons in August 2022 but nothing moved forward, 63 Moons said in the filing.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)