BSE sources said several brokers requested the exchange to consider their case at a later stage as they were overburdened currently on account of the extensive inspections being conducted by Sebi. Interestingly, LK Singhvi, the chief of Sebi's investigation who is also a member of the DCA, was not consulted when the showcause notices were issued. Sources said that BSE has been under pressure to conduct an investigation into the brokers' trades over the last two months.

While BSE's top brass refused to throw light on the reason for this sudden decision, insiders hint at the role SEBI plays in the decision making process of the exchange. It may be recalledthat the regulator's investigation wing is closely scrutinising the role of these brokers led by the big bull in the recent price rigging incidents recorded at the local bourses. Along with Harshad Mehta, BSE had sent showcause notices to about 8-10 brokers on June 25.