Financial services major Kotak Group has finally bought a 51 per cent stake in the Ahmedabad Commodity Exchange (ACE).

The group has purchased a 51 per cent stake in ACE after getting an approval from the regulator Forward Markets Commission (FMC).

The Ahmedabad Commodity Exchange, which deals in castor seeds futures, has an average daily trading volume of about 5,000 tonnes.

Further, a company official familiar with the deal has revealed that the group has plans to convert the regional exchange into a national one within a year.