"Most of the major stock exchanges are Y2K compliant. But 10 are still not compliant with the requirements," Sebi chairman DR mehta told reporters here.

Sebi had given a deadline of November 30 for these exchanges to become Y2K compliant but only four of the non-complying exchanges were expected to fulfill the requirements, he said.

Y2K compliance requires all computer users to take precautions from their system going off when the next millennium begins as most of the computers have not been tuned to deal with January 1, 2000.

"We have to ask them to close down if they are not going to be Y2K compliant," he said but did not specify which of the regional exchanges are yet to meet the requirements.

Concerned over low turnover at regional stock exchanges, Sebi had asked them to come up with survival strategies.

"Four of these exchanges had mooted trade guarantee funds on a smaller scale and we have permitted them to have it," he said, adding the special permission was given as the bourses regulatory body thought it fit to have a smaller guarantee fund instead of no trade.