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European Options as compared to American Options can only be exercised on a certain date. As I want to start writing options, I want to know whether it can be exercised by the buyer at anytime during expiry day or only at a specific time?

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In India, in the money options get exercised automatically at the end of the day and is settled at T+1(Where T is expiry day). This means, the clearing house takes the closing price of the underlying security while calculating the amount that needs to be credited/debited to its members.

Source: - http://www.nseindia.com/products/content/derivatives/equities/settlement_mechanism.htm

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