NEW DELHI - Multi Commodity Exchange of India (MCX) has received approval from the country's market regulator to launch its proposed commodity derivatives platform, put on hold last month, the MCX said in a statement on Sunday.

In late September, the Securities and Exchange Board of India (SEBI) asked MCX to drop its plans to launch a new commodity derivatives platform.

SEBI stopped MCX from launching its commodity derivatives platform after investor group Chennai Financial Markets and Accountability urged the regulator to intervene and ensure that MCX has the requisite technical support to go ahead with its plan.

After looking into the issue, SBI's technical advisory committee has recommended that MCX can launch the commodity derivatives platform, MCX said in the statement.

(Reporting by Jayshree P Upadhyay and Mayank Bhardwaj; Editing by Christian Schmollinger)