Multi Commodity Exchange of India (MCX), the largest commodity exchange in India, announced that the company has entered into the master amendment to principal agreements 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 some key changes/revisions. Reduction in tenure up to October 2022, lowering of fixed charge for software support & managed services from Rs 20 million to Rs 15 million per month plus applicable taxes, 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 Sept. 17, 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 December 17, 2013,'' the company said.
Shares of the company gained Rs 7.6, or 0.97%, to trade at Rs 794.10. The total volume of shares traded was 28,708 at the BSE (10.04 a.m., Monday).