Multi Commodity Exchange of India announced that Padma Raghunathan has tendered her resignation as a Shareholder Director with immediate effect due to her superannuation from the services of NABARD.

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In a BSE filing made after market hours yesterday, the commodity exchange said that it had signed a Memorandum of Understanding with National Stock Exchange of India (NSE), India INX International Exchange (IFSC) (India INX), National Securities Depository (NSDL) and Central Depository Services (India) (CDSL) for setting up market infrastructure institutions comprising of International Bullion Exchange, Clearing Corporation and Depository at Gujarat International Financial Trade (GIFT) City.

The setting up of market infrastructure institutions is in line with the Government of India objective to make India a price setter in bullion through GIFT International Finance Service Centre (IFSC) and in accordance with the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 and other applicable laws, the exchange added.

MCX is engaged in facilitating trading, and clearing and settlement of commodity derivatives. It operates as a commodity futures exchange.

The exchange reported 29.2% jump in consolidated net profit to Rs 71.80 crore on 13% surge in net sales to Rs 100.90 crore in Q3 December 2020 over Q3 December 2019.

Shares of MCX shed 0.18% to currently trade at Rs 1501 on the BSE.

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Multi Commodity Exchange of India (MCX) has signed a Memorandum of Understanding with National Stock Exchange of India(NSE), India INX International Exchange (IFSC) (India INX), National SecuritiesDepository (NSDL) and Central Depository Services (India) (CDSL) for settingup Market Infrastructure Institutions comprising of International Bullion Exchange, ClearingCorporation and Depository at Gujarat International Financial Trade (GIFT) City in lines with theGovernment of India objective to make India a price setter in bullion through GIFT InternationalFinance Service Centre (IFSC) and in accordance with the International Financial Services CentresAuthority (Bullion Exchange) Regulations, 2020 and other applicable laws.

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The Board of Multi Commodity Exchange of India at its meeting held on 04 February 2021 has decided to award the contract for implementation of Commodity Derivatives Platformto Tata Consultancy Services (TCS). Further, it was decided to issue Letter of Intent(LOI) to TCS to commence the project immediately.

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