The note which names Emkay Shares controlled by BSE board member Prakasah Kacholia, as one of the offenders for placing orders at "unrealistic prices" in KGN Industries, has opened up fissures yet again, between the broking community and the management.
The notice sent by the BSE may seem like a regular notice, but there is much more to it than meets the eye.
The Bombay Stock Exchange, which recently lost two of its independent directors Sekhar Datta and Jamshyd Godrej over what some say the growing interference by the broking community has now called a board meeting on Saturday.
And a section of brokers are now gunning for BSE CEO Rajnikant Patel's head, as some now say that without brokers at the helm the exchange is losing its vision.
Brokers are now questioning the recent deals by the exchange but sources close to the management say that all such crucial decisions were vetted by the BSE board.
BSE has picked by a 6 per cent stake in Calcutta Stock Exchange and acquired a 26 per cent in Ahmedabad-based commodity exchange NMCE.
BSE's tie-up with OMX for setting up a new technology platform has also come under scrutiny.
So what lies ahead for the BSE which has come a long way from the open outcry trading system in the mid 1990s.
All eyes will now be on the BSE board meeting on Saturday where brokers will want a greater say on how the exchange is run. It is for SEBI and the finance ministry to make sure that the reforms process is not halted.
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