MCX clocks worst fall in 3 months as SEBI delays launch of new tech platform

The planned migration to this platform, which was expected to take place by October 3, is now unlikely to occur within the initial projected timeframe.

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Shares of Multi Commodity Exchange of India (MCX), the country’s largest commodity derivatives exchange, slumped over 8 percent on September 29, clocking maximum fall since June. This came after market regulator SEBI put a temporary suspension on the planned launch of its new tech platform.

The migration to the new platform, developed by TCS, was expected to take place by October 3, but is now unlikely to occur within the initial projected timeframe.

At 9:25 am, the MCX stock was quoting at Rs 1,944.10 on the NSE, lower by 7 percent from previous close.  The stock had run up over 16 percent in the past five trading sessions in the anticipation of the new platform-launch.

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MCX in the exchange filing said, “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. Meanwhile, SEBI has advised the exchange to keep the proposed Go-Live of CDP (commodity derivatives platform) in abeyance.”

“As the Exchange is ready and keen to go-live as soon as permitted, the exchange will continue to conduct CDP mock tests pending further directions in the matter from SEBI,” the filing added.

SEBI’s action comes on the back of an NGO named Chennai Financial Markets and Accountability (CFMA) filing a complaint against MCX on alleged data theft scandal. The next date for hearing on this matter is scheduled for October 3 in Madras High Court.

The new platform was set to go live three months ahead of the December deadline. In June end, MCX had extended support services contract with 63 Moons for another six months at Rs 125 crore per quarter.

MCX has witnessed massive growth in options volume but uncertainty around the technology shift has been the key overhang, said analysts.

“We believe that post the technology transition, the investor focus will shift to product launches, volume growth and improving profitability. We increase our earnings per share estimate by ~8-9 percent for FY25/26E and increase multiple to 28x (vs 25x earlier) to factor in options surge and lower uncertainty around the technology shift,” HDFC Securities’ Amit Chandra wrote in a note dated September 27.

HDFC Securities has a target price of Rs 2,400 for MCX, indicating around 24 percent upside from current level.

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