Sebi imposes fin on mcx: Multi Exchange Commodity Exchange of India i.e. MCX has been fined Rs 25 lakh due to non -payment of payment for software services on Monday by market regulator SEBI. In his order, SEBI has asked to fill this fine within 45 days. MCX has been imposed to MCX for not giving sufficient details about the payment of software services taken by 63 Moon Technologies.

25 lakh MCX fined

63 Moons Technologies were earlier known as Financial Technologies India Limited. The case is related to the disclosure in connection with the payment made to 63 Moons Technologies (formerly Financial Technologies India Limited) for trading software contracts.

In 2003, MCX had a trading software contract with 63 Moons Technologies. At that time, 63 Moons had complete ownership of MCX. But in the year 2020, MCX decided to go on a new trading stage and gave its contract to TCS.

Sebi strict on not giving enough details

With not being able to start this platform on time, MCX decided to expand the services at 63 Moons as well as higher costs. However, he did not disclose the high payments being made. SEBI said in his order that this payment is a total of Rs 222 crore in three quarters (October 2022-June 2023). This amount was almost double the benefit of the company in FY 2021-22, yet it was revealed in January 2023 itself.

Significantly, the role of SEBI in the market is to protect investors and stakeholders. Along with this, keeping transparency in the Indian stock market is also a big objective of the stock market. SEBI was formed in 1988 while it was given power in 1992.

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