The deal, worth Rs 125 crore per quarter, is aimed at ensuring a seamless transition to the new Commodity Derivatives Platform.

This marks the third time that 63 Moons has extended its software support services to MCX. The software support and maintenance agreement between MCX and 63 Moons, which ended in September 2022, was extended until June 2023. TCS, the vendor selected to develop the new commodity derivative platform, has faced delays due to complexities in platform development and integration.

"We have been offering MCX since August 2020 an option to purchase the software source code for self-use which is in line with the practices adopted by all best exchanges in India as well as across the world. We had also offered them long term contracts of 2 years in 2022. However, for the reasons best known to them they have not opted for it," 63 Moons Technologies said in a statement.

MCX has emphasized the importance of providing a reliable and robust platform to its users and is committed to continuously improving its services. The company will communicate to all stakeholders about the roll-out plan to migrate to the new Commodity Derivatives platform.

MCX clarified that the extension of the support services is not a related party transaction and neither company is related to the promoter/promoter group/group companies of the other company in any manner. There is no potential conflict of interest and no nominee is proposed to be appointed on the board of directors of either company.

On 22 June 2023, MCX cancelled the proposed mock trading session for its new platform for the second time in a week, with the previous session also cancelled on 19 June 2023.

MCX is India's first listed, national-level, electronic exchange, and India's leading commodity derivatives exchange with a market share of about 96.7% in terms of the value of commodity futures contracts traded in financial year 2022-23. Various commodities across segments are traded on the Exchange platform, which include bullion, energy, metals and agri commodities.

MCX's consolidated net profit tumbled 85.1% to Rs 5.45 crore in Q4 FY23 as compared with Rs 36.53 crore in Q4 FY22. Total income jumped 25.6% to Rs 133.75 crore in Q4 FY23 as against Rs 106.45 crore in corresponding quarter last year.

63 Moons Technologies is engaged in computer programming, consultancy and related services. The company, is among the global leaders in offering technology IP (Intellectual Property) and domain expertise to create and trade on next-generation financial markets, that are transparent, efficient and liquid, across all asset classes including equities, commodities, currencies and bonds among others.

On a consolidated basis, 63 Moons Technologies reported net loss of Rs 23.78 crore in Q4 March 2023 as against net profit of Rs 4.46 crore in Q4 March 2022. Net sales surged 164.30% YoY to Rs 111.51 crore in Q4 March 2023.