  In the framework of the constituent quark model the exclusive pair production
of the charmed mesons in the photon-photon interaction is calculated. The
comparison of these predictions with the ones of the heavy quark effective
theory is performed. It is shown, that the light valence quark of D-meson plays
the essential role not only in the hadronization process, but also in the
production of the heavy c-quark. Moreover, it is shown, that because of the
strong interaction between the initial photon field and the light quark charge
the similar situation is kept even in the limit (m_{Q}\to \infty), whence it is
concluded, that the application of the heavy quark effective theory in the case
of the photon-photon interaction is not valid because it does not take into
account one of the dominant mechanisms of the heavy meson production.
