The three directors who resigned on March 22 are Kirit B Shah, Jayesh Sheth and Niranjan Nanavati. Incidentally Mr Shah's term was to end on March 31. The other directors whose term ends on March 31, 2001 include Mr Bhaghirarh Merchant and Mr JC Parekh. Sources, however, said the issue of election for the post of other directors, which fell vacant after the resignation of Mr Sheth and Mr Nanavati, will be decided later.

The exchange has received five nomination for these post. They include: Ashokkumar Damani, Kiritkumar Fulchand Shah, Sunil Shah, Apurva Shah and Rajendraprasad Jhunjhunwala.

BSE governing board consists of 19 directors including the executive director of which nine directors are elected from the broking community and the other nine are nominated by various institutions like Sebi, RBI among others.

Out of the nine elected directors every three directors retire by rotation every year. The elected directors who retire this year include: Mr Bhaghirath Merchant, Jaswantlal Chhotalal Parekh and Kirit Bhagwandas Shah. Interestingly, Mr Merchant resigned from the post two years ago after he was accommodated to the board of Central Depository Services Limited (CDSL) promoted by the exchange. Mr Parekh was forced by the market regulator to resign in February 1999 from the post of president after he was indicted in the BPL, Sterlite, Videocon International controversy. The then vice-president of the exchange, Mr Rajendra Banthia, was also asked to step down.