1 year ago
SEBI Fines MCX Rs 25 Lakh Over Payment Disclosure Lapses
Imagine a company, MCX, that runs a market.
They paid a lot of money to another company, 63 Moons, for software.
The payments were very large, almost double their yearly profit, but MCX didn't tell anyone about them right away.
The people in charge of watching the market, SEBI, said MCX should have told everyone sooner.
Because they didn't, SEBI fined MCX a sum of money, which is like a punishment for not following the rules.
SEBI fined MCX Rs 25 lakh for failing to disclose substantial payments.
The payments were made to 63 Moons Technologies for trading software services.
The undisclosed payments occurred between October 2022 and June 2023.
The total amount paid was nearly double MCX’s net profit in the previous fiscal year.
SEBI found MCX violated the Listing Obligations and Disclosure Requirements (LODR) Regulations.
- Who
- SEBI imposed a penalty on the Multi Commodity Exchange of India (MCX).
- What
- SEBI fined MCX Rs 25 lakh.
- Where
- India.
- When
- The penalty was imposed on Monday.
- Why
- MCX failed to adequately disclose payments to 63 Moons Technologies.
Key facts
- Penalty Amount
- Rs 25 lakh
- Company Fined
- Multi Commodity Exchange of India (MCX)
- Recipient of Payments
- 63 Moons Technologies
- Reason for Payment
- Payments for trading software services
- Period of Undisclosed Payments
- October 2022 to June 2023
- Reason for Fine
- Violation of LODR Regulations, 2015
