Shares of the Multi Commodity Exchange of India (MCX) surged more than 5% during the early trading hours on Monday after the Securities and Exchange Board of India (SEBI) approved the launch of its commodity derivative platform (CDP). 

MCX shares reached a 52-week high of Rs 2,150, climbing nearly 5.4% from the previous closing price on the National Stock Exchange (NSE). At 11:30 am, the stock was trading at Rs 2,114.25, up 3.66% from the last close price. 

MCX’s CDP was scheduled to Go Live on October 3. But earlier on September 29, the market regulator had asked MCX, the largest commodity bourse in the country, to delay the proposed launch of the CDP, citing technical issues. The matter was sent to the SEBI Technical Advisory Committee for discussion.

In an exchange filing with the Bombay Stock Exchange (BSE), the bourse announced that the SEBI Technical Advisory Committee had recommended that MCX and MCX Clearing Corporation Ltd (MCXCCL) Go Live with the CDP. 

The permission came after MCX submitted their comments and replies on the issues raised by Chennai Financial Markets and Accountability on the new platform, as requested by SEBI. SEBI has also withdrawn its previous orders to MCX and MCXCCL to keep the proposed go-live of CDP in abeyance.

Meanwhile, shares of 63 Moons Technologies, MCX’s former platform services provider, fell 4.07% to trade at Rs 253.50. The scrip hit an intraday low of Rs 251.05, nearly 5% lower than its previous close price.