A decision to this effect was taken by the market operation committee at the meeting held on August 5. Book closure vyaj badla positions are referred to all those shares which are not deposited with the clearing house of the exchange.

According to BSE sources, during the period between April-July, in case of 100 members, the vyaj badla and the badla positions in certain scrips were continuing for several settlements as the book closure vyaj badla (BCVB) shares were not relodged back to the clearing house by the brokers and at the same time, vyaj badla had been discontinuing by them.

Sources also indicated that this not only caused inconvenience to the clearing house of theexchange but also created hurdles for the online settlement of these trades.

``If the member has decided to move out of vyaj badla transactions, we have asked them to accordingly carry forward the vyaj badla position on account of the pending BCVB to the extent that all positions get settled,'' explained a BSE director, while highlighting the problems caused to the BoI clearing house while settling such accounts. ``The release order for all such shortfall quantity will also not be made in the name of the BoI shareholding,'' explained the BSE source.

``Realising the gravity of the problems and clean up the initial mess, the committee also decided to examine all such cases on a one-to-one basis and settle the transactions,'' he added.

Interestingly, while the exchange has also structured the needed changes in the exchange's online software, it has also been decided to introduce certain punitive action on members who fail to abide by the new strategy. Following this decision, the BSE has also designedcertain changes in the BOLT software.