In a circular issued on September 27, MCX said, "MCXCCL is pleased to announce the implementation of the new web-based commodity derivatives platform (CDP) that would interface with members for providing risk management, collateral management, and settlement-related services to members and market participants. MCX had informed that its new commodity derivatives platform will go live on Oct. 3 after several delays.

Everything was set and the foot was ready to press on the accelerator, but then the market regulator on the day of launch raised red flags, citing some technical issues. In a circular dated September 29, 2023, India's Multi Commodity Exchange of India (MCX) issued a statement stating that they have been ordered by India's market regulator, the Securities and Exchange Board of India (SEBI), to keep the launch of its new commodity derivative platform (CDP) on pause due to technical issues. MCX stated that the matter is related to SEBI's technical committee meeting, which will discuss the matter further. MCX will continue to conduct mock sessions on the new commodity derivative platform until further directions from SEBI are received.

SEBI’s intervention comes as Chennai Financial Markets and Accountability (CFMA), an investor group, had asked the market regulator to ensure that MCX had required technical support. According to the circular “Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please be informed that SEBI has, vide email dated September 28, 2023, forwarded a copy of the letter dated September 27, 2023, from Chennai Financial Markets and Accountability (CFMA) regarding CDP. It may be noted that writ petitions filed by CFMA on CDP are pending before the Hon’ble Madras High Court for disposal. The Regulator has informed that since the matter involves technical issues, the same would be discussed in the SEBI Technical Advisory Committee meeting, which would be held shortly.”

MCX proposed to migrate to a new platform that is made by Tata Consultancy Services (TCS), subject to necessary compliance and approvals, and part ways with 63 Moons Technologies Ltd. after a year of costly extensions. The primary concern for MCX to end its contract with 63 Moons was rising contract costs for software support, which was putting pressure on its profits. The expenses for the cost of extension for the current year alone have been Rs. 412 crore.

The stock following the news made a gap down of 5% and traded lower before the first half and is trading at Rs. 1934.