After Mayya committee's last meeting on uniform settlements failed to make much headway, following protests from bourses, Sebi has decided to convene a meeting of the committee next week.

`We are keen to bring in uniform settlements among the top exchanges to start with. The issue will be taken up by the Mayya committee on uniform settlements', said Sebi chairman DR Mehta.`We are also looking at a phased introduction of the rolling settlements although a time table would be laid only when the infrastructure for fund transfer is adequate', he added. According to Sebi officials, a spate of recommendations highlighting the disturbing trend of wide price variations, has necessiated a fresh look at the issue.

"While the need for arbitrage is an accepted norm, a section of the market feels that the differential is too high. And while rolling settlements arethe eventual goal, we feel that unform settlements could be brought in the interim, said Sebi executive director Pratip Kar.

Kar said that the Sebi has already ensured that all the 14 stock exchanges which form part of the newly constituted ICSE have a common settlement cycle. Two things have happened after the last meeting ended in a deadlock.

We have received suggestions from a number of participants urging us to put an end to wide price differential regime. The shift of these 14 stock exchanges to a common cycle is a good first step. In the last meeting every exchange had said that only if all exchanges were brought within the ambit of a common settlement cycle, would they support the move. Now that a start has been made, we are keen to get a few top exchanges to move to a common settlement , said Kar.