Financial services major Kotak Group today purchased a 51 per cent stake in the Ahmedabad Commodity Exchange (ACE) and plans to convert the regional exchange into a national one within a year, a senior exchange official said.
"Kotak purchased a 51 per cent stake in ACE after getting an approval from the regulator Forward Markets Commission (FMC)," the exchange's Director S A Narayan told PTI.
The group today also informed the Bombay Stock Exchange that it is an anchor investor in ACE.
"Kotak Mahindra Group has invested in ACE today, having obtained all necessary regulatory and other approvals," the company said.
The Ahmedabad Commodity Exchange, which deals in castor seeds futures, has an average daily trading volume of about 5,000 tonnes.