NEW YORK ( TheStreet) -- Billionaire investor George Soros is set to acquire a 4% stake in the Bombay Stock Exchange (BSE), according to a Financial Times report. Citing individuals close to the matter, the newspaper reported that Soros Fund Management is looking to buy out Dubai Holding's stake in the 135-year old exchange, for $40 million. That would value India's premier exchange at $1 billion. Madhu Kannan, CEO of BSE, would not comment on the deal but said that any such acquisition would be a "sign of confidence" in the exchange, the Wall Street Journal reported. The BSE is Asia's oldest bourse, but its trading volumes trail behind its main rival, the National Stock Exchange (NSE), which boasts superior technology. Singapore's sovereign wealth fund, Temasek, holds a 5% stake in the NSE. Both exchanges have attracted foreign interest in recent years as the number of companies seeking listing in the booming economy is on the rise and trading volumes surge. -- Reported by Shanthi Venkataraman in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.