Mumbai, May 31 :    Mumbai, May 31:  Moving with the times, the 126-year old Bombay Stock Exchange (BSE) today adopted a resolution to convert the bourse into a corporate entity. The extra-ordinary meeting held today in the BSE's Rotunda hall, saw the over 700 members of the exchange approve two critical resolutions that may even enable the stock exchange to list its shares on the bourses at a later date. While the first resolution adopted today converts the bourse into a corporate entity, the second proposal will see the exchange spinning off functions pertaining to surveillance and risk management either to a separate subsidiary, or outsourcing it. However, the success of the bourse's move to transform itself from a 'closed club' of brokers, to a corporate entity, depends on whether market regulator - the Securities and Exchange Board of India (Sebi), which is empowered to consider the proposal - gives its assent. 'The exchange will soon write to Sebi regarding today's meeting and seek its approval,' said a senior broker affiliated to the exchange. Interestingly, Deena Mehta, former president of the BSE who was unceremoniously ousted from the position, chaired today's meeting. The meeting saw some members raise doubts on whether the exchange should first value itself and then convert itself into a corporate entity. Mohan Vijan, who heads the BSE brokers' forum, was of the opinion that a proper valuation of the assets owned by BSE should be done first. The exchange will shortly appoint merchant bankers to value its worth, which includes, among other things, its brand value, premier indices like the BSE 30-share index and the market value of the brokers' trading cards. 'We would not like to speculate on the real value,' a source close to the brokers' forum said. Analysts, keeping a close watch on the moves initiated by the BSE brokers, felt that Sebi will be in a bind to decide on the proposals, as it had only recently barred the broker-directors from playing any role in the management of the exchange. Sebi's main grouse has been the brokers' interference with the bourse's surveillance functions, which came to light recently. The brokers hope to quell the market watchdog's fears by spinning off the function to a separate arm.