The Sebi team, headed by Sebi general manager (Marketing) Sunil Kadam, was on a one-day visit to the city to look into the controversy regarding the exchange board, following allegations of malpractices by the current board of directors. Patel said that a Sebi team has come to convey that the stock exchange agree for voluntary closure.

The Sebi team also said "otherwise, later on Sebi may take stricter measures, which may not be in the interest of the stock exchange", Patel added. However, Vadodara Stock Exchange Brokers' Forum and others strongly opposed the Sebi's suggestion.

The Sebi also asked them to submit a road-map of how they plan to reach the Rs 100 crore net worth, "which is mandatory for stock exchanges."

However, the forum said that the VSEL had already submitted a road map for survival to Sebi in February 2013. They also produced a copy of the report on a road map saying that it was sent to Sebi after approving it in the meeting of the board of directors. But the Sebi team said that they had not received it so far.

"This proves the malafide intentions of the present board of directors as they did not send the copy of this report to Sebi," Patel alleged.


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