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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.

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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