Tokyo Stock Exchange executives indicated Tuesday chances are slim for the bourse to transfer its regulatory duties to a new firm when it goes public as early as this fiscal year.

The executives said members of the bourse's special advisory committee, who are tasked with discussing how a publicly traded TSE can ensure fairness in market operations, have not insisted that the exchange completely hand over its regulatory duties to a different company or to the government.

"The members have not reached any consensus. But based on what all the members have said so far, there's almost no possibility for that option," said Masaki Shizuka, the TSE's corporate planning director.

Shizuka made the comments to reporters after the advisory committee held its second meeting Tuesday.

The TSE has said the outcome of discussions will serve as a basis for reviewing its regulatory functions.

The 14-member advisory panel to the bourse's board consists of scholars, company executives and other experts.

The panel, chaired by Kenjiro Egashira, a University of Tokyo professor, is scheduled to hold its third meeting Sept. 12, the TSE said.

The plan to go public in the current fiscal year is in a state of flux because the Financial Services Agency wants the bourse to spin off its regulatory duties before becoming a listed firm.

The financial watchdog is concerned about the TSE's ability to ensure fairness in market operations.