The sub-committee, to be headed by Dipankar Basu, will comprise of executive director Tapas Datta, Pricewaterhouse Coopers' Roopen Roy, UTI executive director BG Daga and IIT professor VN Reddy.

"The immediate task before the sub-committee will be to chalk out a roadmap for the exchange. We will review the financial position of CSE and its immediate challenge was to find out ways for recovery of Settlement Guarantee Fund (SGF) that was wiped out," the sub-committee chairman and former SBI chairman Dipankar Basu said.

The decision to form the sub-committee was taken in a meeting attended by all the remaining members of governing board of the exchange which was chaired by Mr Basu.

The Securities and Exchange Board of India (Sebi) representative and permanent invitee Pratip Kar was also present in the meeting. "The committee has been such set up that all its members could meet as frequently as possible and has no Sebi nominee on it. It will act as a forum to assist the management solve any problems that may arise," Mr Basu said.