Hi Meir, I am not talking about GUT physics, but rather the standard model lagrangian.
Lepton and Baryon number conservation is an accidental symmetry of the perturbative 'renormalizable' standard model lagrangian. Weinberg, Wilcek and others showed years ago that this is broken by dimension 6 operators (suppressed by M^2, where M is some heavy mass scale). If you take the point of view of the standard model as an effective theory, then there is nothing that prevents these terms from being realized.
Also, T'Hooft and others pointed out that nonperturbative effects can also break baryon number conservation.
The problem with all these proposals is they typically output proton stability on the order of 10^94 years or something ridiculous like that. Eg the effects are so ridiculously small, we already expect something else to swamp them ipso facto.
For instance, from cosmology we have the Sakharov conditions to output the observed matter-antimatter asymmetry, which requires baryon number non conservation. There is absolutly no way these somewhat esoteric considerations could possibly lead to sufficient baryon nonconservation, ergo we know that some other physics must control the protons fate. Enter GUTs, and other proposals