The Ravindra Jadeja-Sam Curran-Sanju Samson trade is on track, though not yet complete. Chennai Super Kings and Rajasthan Royals have initiated the process, and as per the IPL Player Regulations accessed by Cricbuzz, a trade takes 48 hours to be formalised. It may take a couple of days for the swap to be made official and completed.

Understandably, the Board of Control for Cricket in India (BCCI) is required to be involved, and as of Monday (November 10) evening, neither franchise had officially informed the IPL or BCCI authorities. A top official told Cricbuzz that the matter has not yet been brought to their notice - something an official from one of the two franchises also confirmed.

"Consent has been obtained from all three players and the Expression of Interest process has been initiated. All three have signed on the dotted line, but the process will take some time to culminate," a franchise official said. As per the rules, a No Objection Certificate (NOC) is required if a traded player happens to be an overseas cricketer (see rules below). In this case, since one of the three players is Sam Curran, the England and Wales Cricket Board (ECB) may need to be part of the process.

A team willing to start a trade is required to record an Expression of Interest and it has to be submitted to the BCCI, which will then correspond with the relevant franchises. The process takes 48 hours. Besides, the franchises are at liberty to renegotiate the price (see the rules below) and there are relevant clauses on a trade with negotiated increase and negotiated decrease.

Both Jadeja and Samson were INR 18-crore retentions by their respective franchises, but in this case, Chennai Super Kings are trading two players - Jadeja and Curran, a Rs 2.4-crore buy in the last mega auction - for Samson. , there was initially a demand for Dewald Brevis from the Royals' side. After it was declined by the Super Kings, Curran came into the mix.

The Jadeja trade development appears to have divided the IPL ecosystem, triggering a range of opinions - none more striking than that of Suresh Raina, who has urged the CSK management not to part ways with Jadeja. "Ravindra Jadeja should be retained again. He is a gun player for CSK. He has done really, really well for the team over the years, so 'Sir Ravindra Jadeja' has to be there," Raina, himself a CSK legend, said.

RULES OF IPL TRADE

Those Players who are taken in a Player Auction may not be traded in respect of the Season immediately following such a Player Auction.

If the Player being traded is an Overseas Player then the buying Franchisee will need to obtain an NOC from the relevant body pursuant to paragraph 3 of Section A.

The trading negotiations between the selling and buying Franchisees should be only with regard to the League Fee payable. The other terms of the Player Contract may not be varied. No separate payment can be made to either the Player or the selling Franchisee.

It is the responsibility of the buying Franchisee to ensure that the Player being traded is match fit at the time of the trade. It may require that the Player undergoes a medical examination in advance of the signing of the documents referred to above.

There is no limit on the number of Players that a Franchisee may trade during any Trading Window but Franchisees should at all times remain in compliance with the relevant Salary Cap and the squad composition regulations.

BCCI will make the first release of information regarding player trading to the press.

The League Fee that is contracted to be paid by a Franchisee for the Season to a Player that is traded into that Franchisee's Registered Squad - assuming 100% availability - will be charged against that Franchisee's Salary Cap for that Season. Any amounts paid by one Franchisee to another as a result of trading will not be charged against the Salary Cap.

A player can be traded only once for that particular Season.

Expression of Interest (EOI)

Franchisees may on any day during a Trading Window send a list of the Players contracted to other Franchisees who they wish to acquire via a trade to BCCI. Any such list shall be an Expression of Interest ("EOI").

BCCI will then notify each relevant Franchisee that an EOI has been received for one of its Players copying the interested Franchisee (an "EOI Notification").

Each relevant Player's Franchisee may then decide in its sole discretion whether it is interested in making such Player available for trade and, if so, it shall confirm such interest by email to BCCI, copying the interested buying Franchisee (an "EOI Confirmation"), within 48 hours of receipt of the EOI. If no EOI Confirmation is received within such 48 hour period, the EOI shall be deemed to have been rejected.

Consent Form

Provided an EOI Confirmation is sent within the above-mentioned 48 hour window, then the Player shall be asked to confirm if he wishes to be traded by signing a form to be provided by BCCI (a "Consent Form"). The Consent Form shall specify the percentage of any increase in the annual League Fee to be negotiated as part of the trade (the "Negotiated Increase") which shall be paid to the Player (the "Player Percentage"). The Player Percentage shall never be more than 50% of the Negotiated Increase and the remainder of it shall be paid to the selling Franchisee (the "Franchisee Percentage").

Immediately on signature of a Consent Form by the Player and his Franchisee, the Franchisee will email a copy of the signed Consent Form to BCCI. Only once BCCI has received such a signed Consent Form can substantive trading discussions commence between the selling and interested Franchisees in respect of the relevant Player.

In the Consent Form, the Player will unconditionally agree to sign a new Player Contract with any other Franchisee for his original League Fee plus the agreed Player Percentage of any Negotiated Increase that may be agreed between any buying Franchisee and the selling Franchisee. The selling Franchisee will unconditionally agree to release the Player from his existing contract in return for the agreed Franchisee Percentage of the Negotiated Increase.

Only Players whose names are included on an EOI Confirmation and for whom a signed Consent Form has been received by BCCI may be traded.

If more than one Franchisee is interested in buying a Player (by submitting an EOI and receiving an EOI Confirmation) and provided the Player has consented to being traded, the selling Franchisee may negotiate with all such interested Franchisees. The selling Franchisee and not the relevant Player shall have discretion as to which bid (if any) to accept.

Trade with a Negotiated Increase

If the two Franchisees agree a Negotiated Increase, the Negotiated Increase will be shared between the Player and the selling Franchisee as recorded in the Consent Form. The Player will enter into a new Player Contract with the buying Franchisee in the same form as his previous Player Contract save for the new League Fee which will be the original League Fee plus the agreed Player Percentage of the Negotiated Increase.

The buying Franchisee will pay one time fee of the agreed Franchisee Percentage of the Negotiated Increase to the selling Franchisee.

Trade with a reduction in the League Fee

If the Franchisees agree a reduction in the League Fee payable to a Player then the difference between the original League Fee and the new League Fee shall be the "Negotiated Decrease".

The buying Franchisee will receive the Negotiated Decrease from the selling Franchisee for one Season only and it shall not be subject to any reduction for unavailability of the Player. The selling Franchisee shall pay such sum to the "buying" Franchisee in one instalment on signature of a simple transfer agreement in a form to be supplied to Franchisees by BCCI.

The Player will enter into a new Player Contract with the buying Franchisee for the next Season with the same League Fee as his existing contract (i.e. it shall not be decreased). The buying Franchisee will pay the original League Fee to the Player (subject to any reductions as per the Player Contract) - so that the Player is no worse off as a result of the trade.

BCCI's approval is required for any trades with a Negotiated Decrease.

There may be circumstances where a Player voluntarily agrees to a reduction in his League Fee as part of a trade - for example, if he considers that he has a better chance of being in the playing XI at a new Franchisee. Such a trade is possible as long as (1) the player independently confirms to BCCI in writing that he is voluntarily agreeing to reduce his League Fee and (2) BCCI is satisfied that there are no unusual or inappropriate circumstances involved in the trade.

BCCI reserves the right to overturn the trade and/or impose a financial penalty on any of the parties if it discovers any unusual or inappropriate circumstances in relation to it. In such a case the relevant Player's League Fee would be decreased to take account of the reduction voluntarily agreed to by the Player and there would be no payment by the selling Franchisee to the buying Franchisee.