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THE Over-the-Counter Exchange of India (OTCEI) could become as popular as the major Indian stock exchanges when trading in 50 ''permitted securities'' counters is launched on March 1.

   An earlier OTCEI experiment with 25 issues failed badly, mainly because of a number of extra regulations not in force for trading on regular stock exchanges.

      ''Our idea is to make the OTCEI more acceptable to both the members and investors operating through it,'' said R. Ravimohan, chief executive of OTCEI.

   ''The list of securities is being finalised, and will contain some shares that are counted in the 30-share Bombay Stock Exchange index,'' he said.

       Listed units of mutual funds and the popular Unit-64 scheme of the Unit Trust of India will also be traded on the OTCEI, while debt instruments such as non-convertible debentures, the khokhas (the non-convertible portion of partially convertible debentures) and public sector undertaking bonds will continue to be traded.

        To facilitate operations, there will be retail trading in debt with compulsory market-making until the maturity date of the instruments.

   The OTCEI is also studying the feasibility of trading in odd lots of shares.

     A delegation from the National Association of Securities Dealers' Automatic Quotations (NASDAQ) of the US will be in Bombay on February 20 to inspect the OTCEI.

   ''We have signed an agreement with NASDAQ to mutually help each other in marketing companies, both in India and in the US,'' Mr Ravimohan said.

       If a common pact on regulation is achieved, the scope of the tie-up could be extended.

   ''Once that happens, we will formally link up with NASDAQ to market and process information on companies, both in the country and abroad, through a computer network,'' Mr Ravimohan said.



New shares to enhance appeal of OTC trade