India’s markets regulator on Monday fined Multi Commodity Exchange of India Ltd (MCX) 2.5 million rupees ($29,383) for inadequate disclosures and providing incorrect information related to its trading platform contract.
The Securities and Exchange Board of India (SEBI) said MCX repeatedly extended its contract with 63 Moons Technologies at a high cost after delays in a move to a new trading platform developed by Tata Consultancy Services.
SEBI said MCX failed to complete the platform migration in a timely manner, putting it at risk of being left without vendor support for its core trading software — potentially disrupting key market functions and affecting a broad range of stakeholders.
The regulator said MCX made insufficient disclosures to stock exchanges and submitted misleading information about the timeline of the derivatives trading platform project.
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