With its subsidiary, OTCEI Securities Ltd, obtaining a trading membershipfrom NSE, OTCEI is on a drive to recruit 250 new dealers through anationwide publicity campaign. Trading in NSE's order book will be donethrough OTCEI Securities Ltd. OTCEI is luring new dealers with the bait ``ofaccessing the NSE order-book for trading in stocks like informationtechnology, pharma, biotech, media and services sectors as well as otherlarge-cap stocks.''

The OTCEI advertisement states, ``With Project 2005, the OTCEI is ready tooffer unrivalled capital market advantages in the emerging intellectualcapital-led economy. With new IPO norms and unlisted securities trading,OTCEI is all set to be the premier exchange for this new economy.''

Elaborating on the new ventures, the advertisement says, ``Trading in theonly unlisted securities segment in the country is ready to be introduced inFebruary 2000. The OTCEI trading model for unlisted securities will be thefirst of its kind in India.'' The members will have access to both OTCEI'sand NSE's order books through a countrywide computer-linked network, usingthe OASIS software and VSAT and Terrestrial communication links. OTCEI,which has been promoted by 12 financial institutions of the country, offersa weekly settlement cycle, demat trading and Saturday trading. The exchangeproposes to tie up with NSCCL and NSDL for clearing and demat trading,respectively.

The applicants for the dealership have to pay a one time non-refundable feeof Rs 10 lakh. The individual applicants, with a networth of Rs 15 lakh(computation as per OTCEI norms) must have minimum two years experience as abroker, sub-broker, authorised assistant/clerk, authorised representative orapprentice to a member of a recognised stock exchange, dealer dealer,jobber, market maker, portfolio managers or merchant bankers.

For corporate applicants, the minimum networth has been fixed at Rs 20 lakh.They should not be engaged in any fund-based activity and at least twodirectors on the board should possess two years of experience in trading. Inaddition, the applicants should meet the eligibility requirements formembership of stock exchanges as laid down by Clause 8 of the SecuritiesContract (Regulations) Rules 1957.