However all these developments also signal the demise of the exchange as it was first conceived. The lesson of the development of the OTCEI underscores the fact that an exchange that only looks after the perceived interest of the investor (by providing only a cash market) and not the broker or speculator could not prosper as liquidity inevitably becomes the victim. However the only concern will be on the cost of taking connectivity with the NSE and whether or not OTCEI dealers who are essentially small will be able to bear that additional outflow. Even the proposed market for unlisted securities is one in which only institutions can participate, and smaller dealers may not have the capacity to deal here.