ACE to go live as national exchange in 8-10 weeks: CEO

Kotak Group-promoted Ahmedabad Commodity Exchange Ltd will be functional as a national bourse in 8-10 weeks with four commodities, a top official said today.

After the launch, Ahmedabad Commodity Exchange (ACE) will be India's fifth national level commodity bourse after ICEX, NMCE, NCDEX and MCX.

"We are planning to start trading operations in 8-10 weeks from now," the exchange's CEO Dilip Bhatia told PTI.

He said the exchange is completely ready for the soft launch, which is done to ensure systems are in place.

Initially, ACE will offer trading in four commodities, which includes agriculture and bullion, Bhatia said, adding that it will soon seek regulator's approval for the same.

ACE currently has 212 members and it would expand its membership after the exchange starts operations, he added.

The exchange has recently received permanent recognition from the regulator Forward Market Commission (FMC) to launch itself as a national level commodity bourse. It is the first instance of a regional exchange being licensed to upgrade into a national multi-commodity exchange.

Kotak Group has 51 per cent stake in the exchange.

Turnover at 23 commodity bourses, including the national ones, rose by 58.8 per cent to Rs 33,72,249 crore during the April-July period of this fiscal, from Rs 21,23,637 crore in the same period last year, according to official data.