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tokens: ACKNOWLEDGEMENTS We thank Srikara S (IISER Pune) for taking part in discussions during initial part of the work. PD thanks Nagendra Kumar for helpful discussions on QPOs. We thank the anonymous reviewer for thoughtful suggestions. This work is partly supported by an India–Israel joint research grant (6-10/2014[IC]) and by the ISRO project with research Grant No. ISTC/PPH/BMP/0362. PS and PD thank KITP for their participation in the program ‘Confronting MHD Theories of Accretion Disks with Observations’. This research was supported in part by the National Science Foundation under Grant No. NSF PHY-1125915. Some of the simulations were carried out on Cray XC40-SahasraT cluster at Supercomputing Education and Research Centre (SERC), IISc.