The automated Over the Counter Exchange of India (OTCEI), set up in 1992 in Bombay (now Mumbai), was the ideal avenue for small- and medium-sized companies with an issued capital ranging from Rs 3 million to Rs 250 million. However, this exchange failed to live up to its promise and the National Stock Exchange (NSE) came into being in November 1994. It started the first screen-based trading system, in which a network of computers is linked to a central computer located in the stock exchange.