According to SEBI sources here today, Mathur, who had come on deputation from State Bank of India, if proved guilty could be made ineligible for holding `any public position' in future.

SEBI would hear Mathur as scheduled, sources said. He had failed to turn up for a personal hearing with the market regulator last week and had requested for another two weeks' time.

Mathur's resignation last week followed SEBI's dismissal order to the exchange president, J C Parekh, and show-cause notices issued to both for their alleged role in influencing the exchange administration, in getting margins reduced and also keeping the trading system opened beyond operating hours for select brokers.

The SEBI order follows an investigation into unnatural price movements in the scrips of BPL, VideoconInternational and Sterlite in May last year. In response to the show-cause notice, Mathur alleged that Parekh and the then vice-president R K Banthia had forced him to accept ad hoc margins in the form of shares.

Parekh, on the contrary, had contended that it was the executive director's prerogative to ensure surveillance.