Multi Commodity Exchange (MCX) Chief Technology Officer (CTO) Manav Jain has resigned from the country’s largest commodity bourse.

When contacted, P S Reddy, Managing Director, MCX confirmed that Jain had recently put in his papers due to “personal reasons”. Reddy, who downplayed Jain’s resignation, said that MCX is actively looking to find a replacement to Jain and has hired the services of a search firm for the purpose.

He also asserted that Jain leaving the company had nothing to do with MCX’s decision to deploy Tata Consultancy Services as its information technology services provider in place of 63 moons technologies from October 2022.

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MCX’s technology agreement with 63 moons technologies comes to an end on September 30, 2022. The resignation of CTO comes at a time when MCX has about a year to set up its new tech vendor TCS. The commodity exchange is also facing some dip in volumes, which are due to several reasons, according to Reddy.

The daily average trading turnover month wise fell about 44 per cent to ₹24,251 crore in August 2021 from ₹43,262 crore in same month a year ago, according to official data. In July this year, the average daily turnover was down at ₹26,501 crore as compared to ₹37,136 crore in same month last year.

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Reddy said that MCX was looking to augment revenues via various routes including charging for options from October 1. He also said that MCX will most likely on October 7 launch energy index futures for which permission has already been obtained from the regulator.

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