Kotak’s Investment In Ahmedabad Commodity Exchange Cleared
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Kotak’s Investment In Ahmedabad Commodity Exchange Cleared

By Reuters

  • 15 May 2009

India's Kotak Mahindra Bank said on Thursday it had in-principle approval to be an anchor investor in the Ahmedabad Commodity Exchange, which plans to become a national multi-commodity exchange.

Kotak said in a statement the Forward Markets Commission had approved its investment, and the transformation of the bourse subject to meeting certain conditions.

No details on its investment were provided by bank.

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India has 22 commodity exchanges, of which only three operate at a national level. The leader, Multi-Commodity Exchange of India Ltd, controls about three-quarters of the trade.

A proposed fourth bourse promoted by MMTC Ltd and diversified business house Indiabulls may be running by June.

 

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