According to castorseed traders, with flouting of norms and favouritism to a section of brokers by existing office bearers being the norm of the day, the new members will have their work cutout.

"It is the new elected directors who will have to clean the system," said one trader adding "if the exchange is to be made an efficient futures exchange, Asma will have to strengthen its management. It is the new team which is expected to give exchange direction for future course of action."

The present Asma president Kailash Gupta is likely to retain his post as a director from the exporters' panel due to cancellation of the form of his sole rival from NK Industries. In the brokers' panel, nine candidates are contesting for eight seats on the exchange's board. It is the brokers' panel (with eight directors), that will play akey role in selecting new office bearers.

"Cancellation of NK Industries form (of exporters panel) has paved way of for the current ASMA chief's victory. However, it has led to a major controversy. The form of NK Industries was passed by the election committee, but the governing board had rejected it. The three-member committee had strongly opposed the move, informed a broker. On technical grounds, such a cancellation was in accordance with the exchange bylaws. The form was cancelled on the ground that NK Industries supporters, namely Kanel Oil had not fulfiled the criteria of minimum 45 days in the category, and it cannot support NK Industries. Brokers said the FMC should investigate the matter.