Earlier ASE had floated a special company called ASE Capital Market Limited for trading in BOLT. The company has already obtained Bombay Stock Exchange's card and company has total 192 members, all of them are stock brokers of ASE.

Meanwhile the ASE Capital has approached Sebi for sub-broker registration of its members. But Sebi has put a cog in the wheel at a time when ASE Capital is all set to launch the BOLT terminals in Ahmedabad. As per the schedule ASE was to start trading in BOLT from July 20, 2000. Sebi has already told ASE Capital Markets that until the issue of turnover fees will be settled, it will not permit registration as sub-brokers of the company with BSE. Out of 192 members, only 80 members of the company have already paid turnover fees while remaining members have to pay an estimated fees of Rs 1.5 crore.

According to sources, ASE president Mitesh Sheth and executive director Rajiv Desai held meeting with Sebi official to sort out this issue. When contacted, Rajiv Desai told The Financial Express that " we are hopeful that the issue will be resolved amicably. We have started collection of information about members who have paid turnover fees.

He added that after collecting all the information, ASE Capital will submit it to Sebi.At present the issue of turnover fees is sub-judice because some of the regional stock exchanges have filed a petition in the Supreme Court against this diktat of Sebi. It is reliably learnt that members of the ASE had paid highest turnover fees in comparison with other leading bourses.

Some of the ASE members have paid turnover fees upto 1995-96, but after the whole issue went to the court, the brokers have stopped paying turnover fees.