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About Badla
Badla was an indigenous carry-forward system invented on the Bombay Stock Exchange as a solution to the perpetual lack of liquidity in the secondary market. Badla were banned by the Securities and Exchange Board of India (SEBI) in 1993, effective March 1994, amid complaints from foreign investors, with the expectation that it would be replaced by a futures-and-options exchange. Such an exchange was not established and badla were legalized again in 1996 and banned again on 2 July 2001, following the introduction of futures contracts in 2000.
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