THE governing board of the Bombay Stock Exchange has appointed a six-member committee to break the deadlock over the Indian market regulator's order banning forward trading in stock exchanges, a member of the committee says. Brokers in India's major stock exchanges have not traded since December 14 in protest at the Securities and Exchange Board of India's (SEBI) order to stop forward trading without delivery. When the SEBI told brokers to reduce their outstanding positions by 50 per cent by January 6, the brokers responded by boycotting trading. The committee is expected to meet SEBI chairman Gopichettipalayam Venkataramanier Ramakrishna to determine ways of resuming trading. Members of the Delhi, Ahmedabad and Calcutta exchanges have decided to accept any agreement reached between the SEBI and Bombay traders. Madan Gopal Damani, a member of the committee and president of the Bombay Brokers' Forum, said traders were not willing to accept arbitrary orders from the SEBI. ''The first requisite of democracy is a dialogue and not a monologue,'' Mr Damani said. ''There should be discussion and no feudal way of issuing orders.'' Mr Ramakrishna said he had decided to temporarily end forward trading because delivery of shares had fallen to a very low level on excessive speculation, which had driven up prices. Most forward trades in Indian exchanges involve sales at pre-arranged prices and payment of profit margins at the ruling price on the day of settlement.