Ahmedabad Commodity Exchange gets upgrade nod

Ahmedabad, May 15 (IANS) The Forward Markets Commission has accorded in-principle approval to the 53-year-old Ahmedabad Commodity Exchange (ACE) to upgrade and convert itself into a nationwide multi-commodity exchange on the basis of an application made in 2008.

'The Ahmedabad Commodity Exchange has invited Kotak Group as an anchor investor, subject to satisfying conditions stimulated in the approval, and necessary corporate and regulatory approvals,' said ACE president Pravinbhai Thakkar while announcing the development Friday.

Currently, ACE has permission to trade in castor seeds, cotton seed and price discovery is currently carried out through the 'open outcry' system.

ACE also plans to take various steps to upgrade and scale-up its business, including replacing the open outcry system with online screen-based trading, Thakkar added.