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OTCEI says more trading hours from
Jan 19

The Over The Counter Exchange of India (OTCEI) will provide additional trading hours from January 19 to enable investors to react to European developments, its managing director said on Tuesday.

The exchange will re-open for trade between 4:30 p.m. (1100 GMT) and 7:30 p.m. (1400 GMT) after the regular close at 3:30 p.m. (1000 GMT), OTCEI managing director Praveen Mohnot said.

"We believe the new trading session will help investors to react to the developments on the European markets as they open for trade," Mohnot said.

The trades will follow a Friday to Thursday settlement cycle.

The regular trading hours for India's leading bourses, the Bombay Stock Exchange and National Stock Exchange, are 10:00 a.m. (0430 GMT) to 3:30 p.m. (1000 GMT).

Mohnot said that his exchange was targetting an average daily turnover of over Rs 2 billion from the new trading session.

Currently it has a daily average of Rs 40 million, compared to around Rs 60 billion on the BSE. The NSE has a turnover similar to the BSE.

Mohnot said he expected the exchange's volumes to jump as it would be the only one open in the late hours, allowing investors to trade in response to late news or developments.

OTCEI was set up in 1990 to boost trading in small and medium cap companies and it currently has over 150 active trading members.

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