ACE gets nod for multi commodity exchange

Kotak Group-promoted ACE Derivatives and Commodity Exchange Limited on Wednesday said it has received the final license for launching a national multi commodity exchange from the government.

The Exchange has received permanent recognition under the provisions of the Forwards Contract (Regulation) Act 1952 as a 'National Multi Commodity Exchange from the Government, a press release issued here said.

ACE (erstwhile Ahmedabad Commodity Exchange Ltd) is the first instance of a regional exchange being licensed to upgrade into a national multi commodity exchange. Kotak Mahindra group is the anchor investor in it.

This notification willl entitle the Exchange to launch and operate a nation-wide online screen-based trading platform in commodity futures contract of all the products permitted to be traded as such under the FCRA, the release said.

"We are happy with the development and are confident of making ACE a premier multi commodity national exchange," ACE's Chairman and Group Head Kotak Mahindra Bank, Narayan S A, said.