The bourse for the third time renewed the software support service with 63 Moons for six months beginning July 1, 2023.
MCX hired TCS in September 2021 to design and deploy software for securities trading and market infrastructure. The new software was to replace the existing software before the end of its contract with 63 Moons on September 2022.
In an exchange filing on Thursday, 63 Moons said MCX approached it to extend the software support service arrangement for a third time after the long-term arrangement with MCX ended on September 30, 2022, and the bourse selected a new technology service provider back in February 2021.
The new platform developed by TCS has been tested for several hours, and the bourse was confident that the shift would happen at the end of June 2023. However, MCX cancelled the mock trading session scheduled last week, after which its stock fell more than 3% on Friday.
When contacted, a TCS spokesperson said, “As per policy, we don’t comment on client-specific developments.” Queries sent to MCX remained unanswered.
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