"The pink paper highlighted the modus operandi of the Big Bull. We want to get his views about the same," said a senior BSE official, who emphasised the absence of transparency in the operators trades which has caused inconvenience to the exchange and left a negative impact on market sentiments. Mehta, suspended from operating through the exchange's platform in wake of the 1992 securities scam, was unavailable for comments. Market sources said that the interview given by Mehta could have far-reaching damaging effect on the markets, and, hence, needed to be reviewed and action taken against the same.

The showcause notice, according to BSE insiders,could be the first step towards expelling Mehta from the exchange, if he fails to give a satisfactory reply to queries raised by the DAC.

Along with Mehta, sources also spelled out names of several other BSE members who could face a similar action on account of their participation in the price-rigging programme on the exchange, considering that the BSE has finally kicked off the drive to "remove weeds" from the system. These brokers, according to BSE insiders, were actively involved in executing deals on behalf of Mehta, which led to the spiral price rise in the case of Videocon International, Sterlite, BPL, Global Trust Bank and many more.

SEBI is also conducting an extensive investigation into the crisis which occurred on the exchange on account of huge positions built at the Big Bull's favourite counters.