FTIL inks technology pact with MCX

Financial Technologies (India) said in a statement to the BSE that it has entered into a supplementary agreement (master amendment to the principal agreements) for providing software support and managed services to the Multi Commodity Exchange (MCX) valid until 2022. The agreement, however, is renewable as may be mutually agreed between the parties.

The revised fee negotiated as fixed charges of Rs 1.5 crore a month including managed service payable in advance on semiannual basis. Also, variable charges are negotiated at 10.3 per cent of gross transaction fees, by whatever named called to be paid in 30 days. This pact paves the way for FTIL's complete exit from MCX, an exchange promoted by it. The revised pact was pre-condition to sell 15 per cent stake to Kotak Mahindra Bank.