Kotak Commodity gives up membership in Ace Exchange following FMC directive
FMC had in December said KCSL and Kotak Mahindra Bank, which has a 40% stake in Ace, were 'related parties'
Mumbai: Kotak Commodity Services Ltd (KCSL) has surrendered its membership in Ace Derivatives and Commodity Exchange after the commodities market regulator highlighted that KCSL and Kotak Mahindra Bank Ltd, which owns 40% in the exchange, qualified as “related parties". As a consequence, trading volumes on the bourse have fallen.
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