Sebi had encouraged the FISE to establish the (ICSE) as a national stock market bringing all regional bourses under one umbrella. While the FISE sits with equipment and people ready in their place awaiting for the final nod from the Sebi, the ISE from all indications is likely to miss the November-first week deadline it set for itself.

Though officials said the reference to the legal department was a routine matter, sources within the FISE felt it was surprising considering that the Sebi had already given all the necessary permissions for trade guarantee fund, the capital adequacy and other trade related matters. ``If there were no legal hurdles at that time, I wonder how new ones can crop up now,'' queried one official.

The Sebi had accepted theFISE Committee's proposal for the ISE in 1997 and given it a provisional on the basis of which the conglomeration of 15 regional bourses went about finalising its plans for an inter-connected market. The Price-Waterhouse had prepared the feasibility report for the project.