Multi Commodity Exchange updates on divesment by FTIL

To initiate process to launch contrats up to March 2015

Multi Commodity Exchange of India announced that the Company has on 27 September 2014 entered into the Master Amendment to Principal Agreements (Agreement) with Financial Technologies (India) (FTIL) to continue availing of technology support & managed services from FTIL on such terms & conditions as contained therein.

The executed amendment Agreement, inter alia, comprises of the following key changes/revisions:

a. Reduction in tenure up to October 2022

b. Lowering of fixed charge for Software Support & Managed Services from Rs. 2 crore to Rs. 1.5 crore per month plus applicable taxes.

c. Lowering of variable charge from 12.5% to 10.3% of the gross transaction charges received by MCX on a monthly basis plus applicable taxes.

Accordingly, MCX has complied with point 4(ii) of FMC letter dated 17 September 2014 and can now initiate the process to launch contracts up to March 2015. MCX is confident that it will be allowed to launch all its contracts for the year 2015 once the full divestment by FTIL of its stake in MCX takes place in compliance of the FMC Order dated 17 December 2013.

Powered by Capital Market - Live News