63 Moons Technologies

63 moons technologies

Formerly	Financial Technologies (India) Limited
Company type	Public company
Traded as	BSE:  526881 NSE:  63MOONS
Industry	Computer services on finance/banking [1]
Founded	12 April 1988 [2]
Headquarters	Mumbai, India
Key people	S Rajendran, Managing Director and CEO Venkat Chary, Chairman [3]
Products	Software
Revenue	₹4.926 billion (US$58 million) [4]  (March 2017)
Number of employees	857 [5]  (December 2016)
Website	www.63moons.com

63 Moons Technologies Limited (stylised as 63 moons technologies), formerly Financial Technologies (India) Limited until 2016, ^{[6] [7] [8]} is an Indian company which provides technology solutions to financial platforms and supports the creation of digital marketplaces.

History

The company was founded in 1988 by Jignesh Shah and is headquartered in Mumbai, India. ^{[9] [10]} It offers technology-based intellectual property to create and trade on financial markets. ^[11] It had its first IPO in 1995. The company introduced its first commodity derivatives trading platform, the Multi Commodity Exchange (MCX) in 2003. ^[12] FTIL has divested of its domestic and international ventures. ^[13]

The company’s name was officially changed to 63 Moons Technologies Limited on 27 May 2016, after receiving approval from the Registrar of Companies following a one-year process. ^{[14] [7]}

Operations

Exchanges

The company launched many domestic and international ventures. It owned several subsidiaries that included National Bulk Handling Corporation (NHBC), ^[15] Multi Commodity Exchange (MCX), Dubai Gold & Commodities Exchange (DGCX), ^[16] Indian Energy Exchange (IEX), ^[17] MCX Stock Exchange (MCX-SX), ^[18] Singapore Mercantile Exchange (SMX) ^[19] and Bourse Africa. ^[20] In October, 2010, Financial Technologies (India) launched Global Board Of Trade (GBOT), an international multi–asset exchange in Mauritius. ^[21] In February 2011, Financial Technologies launched Bahrain Financial Exchange (BFX), the first multi–asset exchange in the Middle East and North Africa. ^[22]

Software

• Distributed Order Matching Engines (DOME) is an order matching system that supports all stages of the trading lifecycle. It connects key components like risk management, market data management, and order matching. It facilitates operations for traders, administrators, and external systems using various protocols, and allowing them to trade across multiple platforms.^{[ citation needed ]}
• MATCH; it is an enterprise application integration tool designed to streamline middle and back office operations while supporting multi-asset, multi-exchange, and multi-branch activities, along with accounting functions.^{[ citation needed ]}
• ODIN, the flagship product of the company, was used for trading in securities and commodities. ^[16] As of 2020, ODIN accounted for around 70% of the retail broking market share in trading software. ^[23]
• STP-Gate, launched in 2017, is a straight-through processing system designed for the Indian financial markets, facilitating brokers and fund houses in the seamless post-trade settlement of obligations. In August 2024, 63 Moons sold this system to Synapsewave Innovations. ^[24]

Subsidiaries

• Atom Technologies is a digital payment service providers, offering payment collection facilities over Internet, IVR, Mobile App and Point of sale using credit, debit, net banking, cash cards and IMPS. ^[25] FTIL divested a controlling stake to NTT Data Corporation in late 2018. ^[26]
• TickerPlant is an analytics platform with real-time streaming of market information on domestic and international exchanges as well as OTS markets. In the areas of commodities, forex and equity, TickerPlant provides IT-enabled services. ^[27] The global financial content provider has also launched its own cryptocurrency super application called CryptoWire. ^{[28] [29]}

• 63 SATS is a cybersecurity arm of the company which operates a centralised information security operations center (SOC) on a decentralized network protocol. ^{[30] [31]} The new division founded in 2023-24 is advised by Yigal Unna, Former Director General of the Israeli National Cyber Directorate. ^[32]

Controversies

Main article: NSEL case

The company has been linked to the NSEL case ^[33] . For details, see the main article.

Awards

• Ernst & Young Entrepreneur of the Year Award 2006 for Business Transformation. ^[34]
• Amity University's Amity Corporate Excellence Award 2011. ^[16]
• DSCI Excellence Awards 2011’ in Security in IT Services—SME category ^[35] and
• Golden Peacock HR Excellence Award for the year 2011. ^[36]

See also

• List of stock exchanges

References

1. "63 Moons Technologies Ltd. Stock Price, Share Price, Live BSE/NSE, 63 Moons Technologies Ltd. Bids Offers. Buy/Sell 63 Moons Technologies Ltd. news & tips, & F&O Quotes, NSE/BSE Forecast News and Live Quotes". www.moneycontrol.com.
2. "63 Moons Technologies - Company Info - History". The Economic Times. Retrieved 4 January 2022.
3. Board of Directors. Archived 16 August 2012 at the Wayback Machine
4. "BSE Plus". Bseindia.com. Retrieved 25 September 2010.
5. "63 moons | Jignesh Shah's foremost contribution to the Financial Sector". www.63moons.com.
6. "Financial Technologies renames itself as 63 Moons Technologies". The Financial Express. 19 August 2015. Retrieved 4 January 2022.
7. Rukhaiyar, Ashish (19 August 2015). "Financial Technologies changes name to 63 Moons". mint. Retrieved 4 January 2022.
8. "ROC approves Financial Technologies name change to 63 Moons Technologies". The Economic Times. 27 May 2016. Retrieved 4 January 2022.
9. Rukhaiyar, Ashish (19 August 2015). "Financial Technologies changes name to 63 Moons".
10. Saritha Rai (24 September 2014). "Jignesh Shah: After Phenomenal 15-year Run, MCX Founder Loses Commodities Empire". Forbes. Retrieved 20 December 2022.
11. "63 Moons Technologies Ltd". Business Standard India.
12. "The amazing story of Jignesh Shah and MCX". www.rediff.com.
13. "63 Moons to sell three biz units for Rs 135 crore to Synapsewave". The Economic Times. 14 August 2024. ISSN   0013-0389 . Retrieved 24 November 2024.
14. "FTIL gets RoC nod for name change to 63 moons tech". BusinessLine. 27 May 2016. Retrieved 22 November 2024.
15. "FTIL completes sale of NBHC stake to IVF for Rs 241.74 crore".
16. "63 Moons Technologies Ltd".
17. "IEX to transform electricity trade in India".
18. "Financial Technologies-promoted MCX to exit 3 exchange ventures".
19. "FTIL to launch bourses in Singapore, Bahrain, Mauritius in 2010".
20. "Financial Technologies Acquires 60% Stake In Bourse Africa".
21. "Global Board of Trade Ltd (GBOT) Formally Launched by the Prime Minister of the Republic of Mauritius Today".
22. "Financial Technologies launches Bahrain Financial Exchange; BFX to go live from 7th February".
23. "63 moons offers trading software Odin at 50% discount as NSE shuts NOW". Business Standard . 10 June 2020. Retrieved 22 November 2024.
24. Srivats, K. R. (14 August 2024). "63 Moons to sell three business units for ₹135 crore". BusinessLine. Retrieved 22 November 2024.
25. "Japan's NTT Data buys 55% stake in Atom Tech for $9 million".
26. "NTT Data buys 55.35% in Atom". The Hindu. 27 November 2018. ISSN   0971-751X . Retrieved 11 May 2024.
27. "The great enabler - Jignesh Shah".
28. SHAH, PALAK (6 December 2021). "Jignesh Shah's 63Moons announces a comeback with Blockchain, cryptocurrency foray". @businessline. Retrieved 17 December 2021.
29. "TickerPlant launches cryptocurrency super app CryptoWire: All you need to know". cnbctv18.com. 13 December 2021. Retrieved 17 December 2021.
30. Mishra, Arushi (28 May 2024). "63 Moons Technologies announces new tech initiatives". The Hindu Business Line . Retrieved 30 September 2024.
31. "63 moons forays into cybersecurity, ties up with 10 global IT firms". BusinessLine. 21 February 2024. Retrieved 11 May 2024.
32. "Jignesh Shah places next bet on cybersecurity". The Hindu. 21 February 2024. ISSN   0971-751X . Retrieved 11 May 2024.
33. "Untold story of NSEL: Who were the real culprits behind the crisis?". Financialexpress. 28 May 2019. Retrieved 15 June 2024.
34. Jain, Ankur; Kakani, Ram Kumar (5 December 2009), Applying Population Dynamics Theory on Entrepreneurial Survival Strategy: Case of Financial Technologies and its Promoter (SSRN Scholarly Paper), Rochester, NY, doi:10.2139/ssrn.1538222, SSRN   1538222 , retrieved 2 March 2024
35. "Data Security Council of India (DSCI)". www.dsci.in. Retrieved 2 March 2024.
36. "Financial Tech wins 'Golden Peacock HR Excellence Award' 2011". BusinessLine. 23 August 2011. Retrieved 2 March 2024.

External links

• Official website

Further reading

• "63 Moons get offer to settle NSEL default". The Hindu Business Line . 2 September 2024. Retrieved 30 September 2024.

• Srivats, KR (14 August 2024). "63 Moons to sell three business units for ₹135 crore". The Hindu Business Line . Retrieved 31 August 2024.
• Fali Nariman, Rohinton (2021). Discordant Notes, Volume 2 The Voice of Dissent in The Last Court of Resort. Vol. 2. Penguin Random House. ISBN   9789391149710.
• "63 moons, others win AT1 bonds case against Yes Bank in Bombay HC". Times of India . 20 January 2023. Retrieved 31 August 2024.
• "Supreme Court dismisses petition against 63 Moons". The Hindu . 30 January 2019. Retrieved 30 September 2024.
• "63 Moons to file suits against Chidambaram, two bureaucrats". The Hindu . 18 February 2019. Retrieved 30 September 2024.
• Shah, J; G. Pavaskar, Madhoo (2019). Trade and Markets in Harappan Civilization. Pearson Group. ISBN   9789353431327.
• Bodhanwala, Shernaz (2019). "63 Moons-NSEL Merger: A Boon or a Bane for the Stakeholders" . Asian Case Research Journal . 23 (2): 369–398. doi:10.1142/S0218927519500159. eISSN   1793-6772. ISSN   0218-9275 – via Emerging Sources Citation Index.
• GT, Lavanya; Rodrigues, Viola (2022). "Legal Soundness of Scheme of Amalgamation in the Deliberation of Public Interest: An Analysis". Indian Journal of Law and Legal Research. 3 (1). ISSN   2582-8878 – via HeinOnline.
• Madhumathi, R (2011). Derivatives and Risk Management. Pearson Education India. p. 44. ISBN   9788131759936.