The Bombay Stock Exchange (BSE) board on Saturday took a detailed review of two important deals entered into by the exchange?a proposed acquisition of 26% in the National Multi Commodity Exchange (NMCE) and a major technology contract for clearing and settlement systems for derivatives trading with Swedish firm OMX. The board decided to delve deeper into the NMCE deal and also seek some clarifications from OMX on the technology contract.

Speaking to FE after the board meeting, BSE chairman Jagdish Capoor said: ?We discussed a number of important issues, including foray into commodities. The deal (with NMCE) is not yet completed. We are looking into it.? NMCE is the country?s third largest commodities bourse and the deal with BSE is pegged at over Rs 40 crore.

Capoor said the exchange would also talk to OMX and seek some clarifications on certain aspects of the technology contract.

While ADAG firm Reliance Money on Friday announced it would also buy a 26% stake in NMCE, Capoor declined to comment on the development.

The board also took up the two resignations of former chairman Shekhar Datta and shareholder director Jamshyd Godrej. The exchange, however, made no formal statement on the board meeting. Two board members, Sudipto Sarkar and SN Menon, could not attend the meeting. FE had reported on Saturday that the OMX contract would be discussed by the board along with a PricewaterhouseCoopers (PwC) report on irregularities in the market-making scheme for Sensex Futures. BSE had entered into an agreement with OMX earlier this year with the deal valued at $60 million. The exchange has already paid $4.97 million as the first tranche.

As per the agreement, if the deal is junked, the advance paid will not be returned to the exchange. On this, BSE board sources said the question of losing the money did not arise as the final decision in this regard was yet to be taken.

Saturday?s meeting assumes great significance since it comes in the backdrop of bitter board-level infighting at the bourse, which culminated in Datta putting in his papers last month. BSE?s foray into commodities by way of an NMCE stakeholding and the OMX deal, seen by many as being too expensive, were two key issues at the core of the differences, with the exchange?s management, led by managing director and CEO Rajnikant Patel, coming in sharp focus.

Capoor declined to comment on the PwC report saying was in the purview of the exchange?s audit committee. Board sources said no decision on the PwC report would be taken without consulting the Securities & Exchange Board of India (Sebi). On the proposed listing plans of the exchange, the bourse has decided to seek some clarifications from Sebi on how it should be taken forward, the BSE chairman said. The exchange has suggested that it be allowed to list without making a public offer of shares, but the regulator may not be keen on that, it is learnt.

?We discussed a number of other operational issues, but there was not enough time, since several important issues also had to be discussed,? Capoor said. The BSE board is likely to meet again soon, to continue these discussions.