New Delhi, Aug 10: Securities and Exchange Board of India may push for an early consolidation of regional bourses to form 'Indonext' by either tying up with Bombay Stock Exchange or inter-connected stock exchange, a decision of which is expected by Monday. "Sebi may increase its involvement in the process of forming Indonext," official sources said, referring to the deteriorating financial condition of bourses.

An indication was given by Sebi chairman G N Bajpai in the weekend, when he reiterated the three options left before regional bourses -- formation of a consolidated Indonext exchange, or merger with either of the two premier exchanges (BSE and NSE), or survival on its own.

He referred to the Mayya committee report on Indonext and said that regional exchanges have to "coordinate" among themselves on their future roadmap. A roadmap of Indonext is likely to take shape after a "negotiating meeting" of Federation of Indian Stock Exchanges (FISE), representing the regional bourses, with BSE on August 11 in Mumbai.

"It will be a negotiating meeting. We will decide on whether the Indonext exchange can be done in collaboration with BSE next week. We are hopeful of an agreement. If it fails, then we will go with ISE," FISE chairman Vijay Bhushan told a news agency before leaving for Mumbai.

FISE wants Indonext to be a "segment" of BSE trading shares of about 2,260 companies with a total turnover of Rs 100 crore a day. The shares listed exclusively on regional bourses could be added on to this list. Bureau Report