"Apart from the daily and the weekly badla (carry forward system), therewould be a fortnightly badla and a monthly badla as part of the exchangeplans to improve liquidity," ISE chairman MR Mayya told PTI.

The exchanges intends to offer daily badla for rolling settlement. Themultiple badla systems is being offered to attract greater volume of tradein ISE than in Bombay Stock Exchange (BSE) or even the National StockExchange (NSE), he said while comparing the facilities in the three bourses.Mayya said ISE was in the process of getting all the clearances from theSecurities and Exchange Board of India (Sebi) for badla trading.

"We will get all the clearances within a few months", a confident Mayyasaid. In the present weekly and daily badla structure at BSE, there areinstances when investors have to clear outstanding positions within a shortperiod of time, he explained, adding the monthly badla would provide thedepth required in the market. "No stock exchange has thought of extendingthe badla period to increase the depth, yet it remains one of the vitalfactors in determining market depth", Mayya said. Speaking about arbitragefacility in the proposed stock exchange, the ISE chief said "There would begreater scope for the arbitrage facility and one can access more than twomarkets at the same time". To facilitate brokers for trading in multiplemarkets, the unified stock exchange is framing a new software whose"windows" would be able to display the stock quotes of all the bourses andcarry out online trade, the chairman said.

He did not disclose the name of the software vendors who are entrusted withthe development of the software. The software is in the final phase ofdevelopment, Mayya said. However, Mayya claimed that "the software would bemore versatile than those used by NSE and BSE brokers, and able to handlesuch huge volume of data".

Reasoning out the delay in the commencing of the new exchange, Mayya said"the new exchange would be stressing on greater efficiency andtransparency". Apart from being a more diversified one, ISE would be morecost effective as more of the regional exchanges joins the league, Mayyasaid.