The FIs had initially opposed the entry of Reliance nominees and are resisting giving management control to the group, which has a 26.6 per cent stake in BSES following an open offer they made. "If they first say they are mere investors and then start deciding on issues of control, then their role has to be assessed," Sebi officials told The Financial Express.

The key issue here is that of `control' in a company and in the BSES case, the FIs appear to be playing a role of the controlling bloc, the sources said. "There is nothing wrong, if they are in control in a company, but that has to be clearly indicated. Then the market knows, and can take its own decision on the company," the sources said, adding that the takeover code can then take a view on recognising them as those in control and get them to fall under the purview of the code. The ACC-Tatas case also saw FIs adopting a very aggressive role. All these cases are now going to decide the future of how the FIs are treated as far as the takeover case is concerned.