Kotak Mahindra Bank Ltd.

Kotak Mahindra Bank and its affiliates will be anchor investor in Ahmedabad Commodity Exchange (ACE). Forward Markets Commission (FMC) has given in-principle approval letter to ACE to upgrade and transform itself into nationwide Multi Commodity Exchange. However, this approval is subject to ACE complying with conditions stipulated therein.  Meanwhile Kotak Mahindra Bank will be taking appropriate steps in furtherance of the said in-principle approval, subject to all necessary regulatory and other approvals.