B.Com

Higher Studies Options after M.Com
There exist plenty of higher degree options for those who have completed their Masters degree in Commerce. Those who are interested to build up a strong career preferably in academic field can go with M. Phil or PhD in the area. MBA in Finance is another good option for these candidates. Anyway, the selection of the course should be on the basis of the skill and interest of the aspirant. The main higher education programs after M.Com are mentioned here
Master of Business Administration
Chartered Accountant
Chartered Financial Analyst
B. Ed
LLB
CS
M. Phil
PhD
Job Opportunities after M.Com
The postgraduate course in Commerce offers plenty of career opportunities to aspirants. Banks and financial organizations are the major employers of these professionals. The candidate has to get through the recruiting process of the employing firm to obtain a job in the same. M.Com graduates with SET qualification can get in to the profession of teacher in higher secondary schools. NET qualified candidates can obtain job as Professor in government colleges. The finance professionals can find lot of job openings outside the country also. The different job profiles after M.Com and their employers are mentioned here.
Job Types:
Accounts Assistant
Assistant Accountant
Accountant
Business Analyst
Cashier/Teller
Corporate Analyst
Executive Assistant
Finance Manager
Financial Analysts
Investments Analyst
Investment Banker
Market Analysts
Marketing Manager
Money Manager
Operations Manager
Personal Finance Consultant
Risk Analyst
Securities Analyst
Senior Accountant

Dear Nikhil!
You are in right direction. Yes, you can absolutely pursue MBA from any govt. institutions (I am not sure about private) after B.Com (H) from open, provided you need to clear cut-off and their GD/PI round. Now, come on to your 2nd query. As per me, that any college always prefer a full time graduate student (means going college regularly) rather than open students and you know very well, why! I am not demotivating you but that's the truth that they will shoot some questions that why you did your B.Com from open? Etc. but apart from these you can have a better representation if you impress them in interviews. It is totally no harm in doing B.Com from open but yes, it will be quite beneficial for you if you had your graduation from IPU in BBA because BBA is connected with MBA. So, at last, Nikhil! I would just suggest you that if you are thinking for MBA means you want to enhance your career but since you have did your graduation from open (which is less preferred). I think, first, go to gain some work experience for 2 or 3 years and then apply for MBA (it will give you a plenty of time to prepare for CAT-MAT or GMAT) it will give you a slight edge over other students from regular college.
I can understand that this answer is really too long to read but I hope that you found this helpful! Any query? Ask me anytime!
Best of Luck!