OTC Exchange of India
 | |
| Type | Stock Exchange |
|---|---|
| Location | Mumbai, India |
| Founded | 1990 Started function in the year 1992 |
| Owner | Government of India |
| Key people | Mr Praveen Mohnot, MD[1][2] |
| Currency | Indian rupee (₹) |
| Website | www |
The OTC Exchange Of India (OTCEI), also known as the Over-the-Counter Exchange of India, was based in Mumbai, Maharashtra. It is under the ownership of Ministry of Finance , Government of India. It is India's first exchange for small companies,[3] as well as the first screen-based nationwide stock exchange in India.[4] OTCEI was set up to access high-technology enterprising promoters in raising finance for new product development in a cost-effective manner and to provide a transparent and efficient trading system to 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, the Industrial Finance Corporation of India, and other institutions, and is a recognised stock exchange under the SCR Act.
The OTC Exchange Of India was founded in 1990[3] under the Companies Act 1956 and was recognized by the Securities Contracts Regulation Act, 1956 as a stock exchange. The OTCEI is no longer a functional exchange as the same has been de-recognised by SEBI vide its order dated 31 Mar 2015.[6][7] OTCEI Securities Limited subsequently filed for liquidation on 25 September 2017.[8]
See also
References
- ^ "Building OTCEI to be the 'Nasdaq of India'". The Hindu Business Line. Retrieved 15 October 2010.
- ^ "OTCEI plans growth equity market for VCFs". The Hindu Business Line. 12 January 2001. Retrieved 15 October 2010.
- ^ a b "NSE starts discussions for SME exchange". Business Standard India. Business-standard.com. 17 December 2009. Retrieved 15 October 2010.
- ^ "OTC Exchange of India,OTC Stock Exchange of India,OTC Stock Market of India,OTC Exchange Market of India". Surfindia.com. Retrieved 15 October 2010.
- ^ "OTC Exchange chalks out revival plan". Financialexpress.com. 18 September 1999. Retrieved 15 October 2010.
- ^ "SEBI Securities and Exchange Board of India Official Circular No: WTM/RKA /MRD/25/2015 - "Exit Order in Respect of OTC Exchange India"" (PDF). www.sebi.gov.in.
- ^ "Sebi permits OTC Exchange of India to exit from stock markets". The Economic Times.
- ^ "OTCEI Securities Limited liquidation" (PDF).
External links
- Official website
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