Calcutta, April 2 :    Calcutta, April 2:  The Calcutta Stock Exchange (CSE) has set up a five-member management sub-committee, headed by former State Bank of India chairman Dipankar Basu, that will oversee the day-to-day operation of the century-old bourse. Besides Basu, the other members of the sub-committee are executive director Tapas Datta, PriceWaterhouse Coopers' partner Roopen Roy, UTI executive director B.G. Daga and IIM professor V.N. Reddy. 'The immediate task of the sub-committee will be to chalk out a roadmap to revive the exchange and review the financial position,' Basu said. Its immediate challenge is to replenish the settlement guarantee fund which got eroded to meet the payment defaults, he added. Talking to The Telegraph, Pratip Kar, executive director in-charge of the secondary market at the Securities and Exchange Board of India (Sebi), said, the management committee has been formed because the CSE by-laws do not allow the appointment of a chairman on the board without an election. The truncated CSE board met today where Kar, who is a permanent invitee, was present. 'The committee has been set up in such a manner that all its members can meet as frequently as possible. The committee has no Sebi nominee. It will act as a forum to assist the management solve any problem that may arise,' Basu said while talking to the reporters after the meeting. The sub-committee will be responsible for the overall management of the exchange. It will also embark on a fact finding exercise and submit its report to the Sebi within 10 days. Terminal problem Today about 50 CSE terminals were deactivated in the morning due to some confusion. This triggered off large scale resentment among the members.