Among the brokers' whose positions are being scrutinised are PR Shah, RR Mohata, SN Tara, Nanglia and Lalkar Securities. These brokers had faced a payments crisis in June. According to BSE sources, a senior office-bearer of the exchange who had played a key role in bailing out these brokers was also called by Sebi for an explanation.

It may be recalled that BSE had used a `community approach' to resolve the payments crisis. Some of the cash-rich brokers, who are, incidentally, the governing directors on the board of the bourse, had pooled in funds to help these brokers tide over the payments crisis. Despite these brokers having fulfilled their settlement commitmentsin accordance with bye-law 316 of exchange code of governance, BSE had not allowed them to trade on the BOLT platform. However, according to market sources, these brokers have been trading as clients with other card-holders.

Sebi has, in its investigation report, which will be released shortly, scrutinised the role of the exchange in monitoring the positions of these brokers and also the bailout. It may recalled that BSE had summoned Harshad Mehta on June 29 before its disciplinary action committee. However, the Big Bull sent a legal notice, according to which the meeting was postponed.

Later on, Sebi prevailed upon the exchange not to press for his appearance before the committee as its investigation into the payments crisis was at a preliminary stage.