Kotak Bank gets FMC nod to invest in Ahmedabad Commodity Exchange

Kotak Mahindra Bank has received a clearance from the Forward Market Commission (FMC) for its proposal to invest the regional commodity bourse – Ahmedabad Commodity Exchange (ACE). However, the bank refused to divulge details about picking up stake in the regional bourse.

ACE, which is being upgraded to a national level bourse, is expected to give some concessions to the Kotak Group, as according to existing norms an individual corporate house can hold a maximum of 40% stake in a national level commodity exchange.

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