Importantly, with SEBI's recognition of JSE expiring on January 8, 1999, the watchdog authority may give a second thought before renewing the recognition.

Of the 952 members, only four have so far installed trading terminals and they too are not turning up for trading.

SEBI may taker serious note of the members's apathy in not doing the trading operations while taking decision on the renewal of its recognition, according to sources. The other stock exchange where no trading is being done is of Patna and SEBI has dissolved its council of management and put its own administrator in place there.

There is no plausible explanation for the broker members not turning up at the newly built complex of JSEL. One reason could be that inthe scrips listed on JSEL, they may have little interest. Most of the brokers are trading on the NSE and BSE terminals.

JSEL has also entered into an agreement with BSE and NSE to let the members install their terminals in the premises so that they could trade on these stock exchanges. The brokers are not coming forward for some strange reasons.

In the meantime, JSEL will hold its AGM here on December 28 next to elect two new directors in place of Sunil Dutt Goyal and K L Jain, former president, R C Goenka, is also ending and the board of directors would elect him if he is to continue.

Jain, who has played a leading role in the establishment of JSEL, will have to contend with membership of the bourse for at least two years, which is described as a cooling period. On the screen-based trading, JSEL has spent Rs 1.5 crore with the fresh burden having been put on the members, says J N Dhankar, executive director. All the infrastructure facilities have been given to the members to start the tradingoperations, says Dhankar.