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News : MCX Board Approves New Pact with FTIL for Tech Support
New Delhi, Sept 25, 2014 -- Commodity exchange MCX said its board has approved a new agreement with Jignesh Shah-led FTIL for availing technological support and services, paving the way for the bourse to launch new contracts for January-March period of 2015.
MCX, which is already using the technology provided by its erstwhile promoter Financial Technologies (FTIL), is likely to sign a new agreement in the next few days.
On September 17, the commodity markets regulator FMC had said the exchange can launch new contracts for three months January, February and March of 2015 after if it signs a fresh technology deal with FTIL.
In a filing to BSE, MCX today said the Board has approved "the master amendment to principal agreements to be entered into between MCX and FTIL for availing technology support and managed services on such terms & conditions as contained therein".
Pursuant to this agreement, MCX would continue to avail technology support and managed services from FTIL, it added.
In a separate filing, FTIL also informed that its board also approved the amendment to principal agreements to be entered into with MCX for continued provisions of software support and managed services.
"It is also to be noted that by entering into the above said agreement, the companies have completed all the condition precedents of share purchase agreement with Kotak Mahindra Bank Limited (KMBL) as disclosed on July 20, 2014," FTIL added in the filing.
Posted by Veronica Silva Cusi, news correspondent
Today's Tip of the Day - SWAT Team
Financial Technologies Limited is an Indian financial services company, formed in 1988. It is promoted by the Financial Technologies Group.
Published: Monday, September 29, 2014