India has given permanent recognition to Kotak Mahindra Bank promoted ACE Derivatives and Commodity Exchange as a national level commodity bourse status, the bank said in a release late on Wednesday.
ACE Derivatives and Commodity Exchange was formerly known as Ahmedabad Commodity Exchange and operated at a regional level primarily trading in castor.
ACE Derivatives and Commodity Exchange becomes India's fifth national commodity bourse after National Commodity and Derivatives Exchange (NCDEX), Multi-Commodity Exchange (MCX), National Multi-Commodity Exchange and Indian Commodity Exchange.
The country now has 21 commodity bourses in all.
India, which allowed futures trading in commodities in 2003, has one of the fastest growing commodity futures markets and had a combined turnover of 77.65 trillion rupees in the 2009/10 fiscal year ending March.
Turnover at Indian commodity bourses rose 58.80 percent to 33.72 trillion rupees in the first four months of 2010/11 fiscal.