OTC Exchange of India

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OTC Exchange of India

Type

Stock Exchange

Location

Mumbai, India

Founded

1990

Owner

OTC Exchange of India

Key people

Mr Praveen Mohnot, MD[1][2]

Currency

Indian rupee ( )

Website

Official Website

OTC Exchange Of India (OTCEI) also known as Over-the-Counter Exchange of India based in Mumbai, Maharashtra.It is the first exchange for small companies.[3] It is the first screen based nationwide stock exchange in India.[4] It was set up to access high-technology enterprising promoters in raising finance for new product development in a cost effective manner and to provide transparent and efficient trading system to the investors.[5] OTCEI is promoted by the Unit Trust of India, the Industrial Credit and Investment Corporation of India, the Industrial Development Bank of India, theIndustrial Finance Corporation of India and others and is a recognised stock exchange under the SCR Act.

[edit]History
OTC Exchange Of India was founded in 1990 under the Companies Act 1956 and got recognized by the Securities Contracts Regulation Act, 1956 as a stock exchange.[6]

OTCEI was incorporated in 1990 as a Section 25 company under the Companies Act 1956 and is
recognized as a stock exchange under Section 4 of the Securities Contracts Regulation Act, 1956. The Exchange was set up to aid enterprising promoters in raising finance for new projects in a cost effective manner and to provide investors with a transparent & efficient mode of trading. Modelled along the lines of the NASDAQ market of USA, OTCEI introduced many novel concepts to the Indian capital markets such as screen-based nationwide trading, sponsorship of companies, market making and scripless trading. As a measure of success of these efforts, the Exchange today has 115 listings and has assisted in providing capital for enterprises that have gone on to build successful brands for themselves like VIP Advanta, Sonora Tiles & Brilliant mineral water, etc.

http://www.otcei.net