Diabetic retinopathy(DR) is a health condition that affects the retinal blood vessels(BV) and arises in over half of people living with diabetes. Exudates(EX) are significant indications of DR. Early detection and treatment can prevent vision loss in many cases. EX detection is a challenging problem for ophthalmologists due to its different sizes and elevations as retinal fundus images frequently have irregular illumination and are poorly contrasting. Manual detection of EX is a time-consuming process to diagnose a mass number of diabetic patients. In the domain of signal processing, both SIFT (scale-invariant feature transform) and SURF (speed-up robust feature) methods are predominant in scale-invariant location retrieval and have shown a range of advantages. But, when extended to medical images with corresponding weak contrast between reference features and neighboring areas, these methods cannot differentiate significant features. Considering these, in this paper, a novel method is proposed based on modified KAZE features, which is an emerging technique to extract feature points and extreme learning machine autoencoders(ELMAE) for robust and fast localization of the EX in fundus images. The main stages of the proposed method are pre-processing, OD localization, dimensionality reduction using ELMAE, and EX localization. The proposed method is evaluated based on the freely accessible retinal database DIARETDB0, DIARETDB1, e-Ophtha, MESSIDOR, and local retinal database collected from Silchar Medical College and Hospital(SMCH). The sensitivity, specificity, and accuracy obtained by the proposed method are 96.5%, 96.4%, and 97%, respectively, with the processing time of 3.19 seconds per image. The results of this study are satisfactory with state-of-the-art methods. The results indicate that the approach taken can detect EX with less processing time and accurately from the fundus images.