Confirming the move BoI Shareholding managing director PF Patel and BSE executive director RC Mathur explained the reason for the mismatch in terms of the actual volumes of shares which were supposed to be delivered to the custodian and the value of the same.

Hawala price is usually the closing price registered by a stock at the end of a settlement ie, on Friday which is considered as the base price to compute the badla charges.

"Ideally in case of such a mismatch the volume of shares to be delivered needs to be considered and not the value since the value depends upon various parameters," explained the BoI Shareholding source.

Earlier, a mismatch of Rs 3 crore had been detected in the value of shares which were due to be delivered to SHCIL by BoI Shareholding for the settlement ended June 12.SHCIL had told the exchange that the clearing house's dues to the custodian were about Rs 7-8 crore as against the figure collated by BSE which had apparently informed the custodian that the value of shares to be delivered to SHCIL stood at Rs 4-5 crore.

The mismatch, according to sources, was created on account of the different parameters taken into consideration by the two parties. While SHCIL took into consideration the transaction value, the clearing house computed the difference on the basis of the general rate.

However, in a move aimed at reconciling the same, the custodian has now decided to consider the hawala price and extend co-operation to the clearing house.

The total outstanding by BoI Shareholding stood at a whopping Rs 113 crore for the settlement ended June 12. This has now been brought down to a total liability of Rs 9 crore carried forward from the settlement ended June 19.

BoI Shareholding met part of its obligations in terms of shares delivered to the custodian on June 23 andcontinued to do so to complete a major portion of the delivery by July 2.

"The clearing house was not equipped with the much needed technology to handle so much of work in maintaining the vyaj badla shares," said a BSE source.

"The manual shifting of vyaj badla shares from the vault and back into the system created a backlog of over 8-15 days," he explained.

Sources said the problem cropped up during the first week of April when the no-delivery phase on the BSE had just started, and aggravated further by the fag end of May.