The high-profile trade involving Hardik Pandya and Arshdeep Singh between Mumbai Indians (MI) and Punjab Kings (PBKS) ahead of the Indian Premier League (IPL) 2027 season has brought the league's player-trading regulations into focus.

While the two franchises agreed to exchange their players, the transaction also required the consent of both cricketers, as mandated by the Board of Control for Cricket in India (BCCI).

The IPL trading rules allow players to have a say in whether they want to move to another franchise, while also specifying how the transfer fee, revised annual contract and medical assessments are handled.

The regulations also provide for players to receive a share of any increase in their negotiated annual fee. With Pandya's contract increasing from Rs 16.35 crore to Rs 18 crore following his move to Punjab, the trade offers an example of how these provisions operate.

Here is a look at the key IPL trading rules and how they work.

Can a player refuse an IPL trade?

Yes. Under BCCI regulations, a player's consent is mandatory for an IPL trade to be completed. While the selling franchise has the final say on whether it is willing to make a player available for transfer, the player must also agree to the move.

The process begins when the buying franchise submits an Expression of Interest (EOI) to the BCCI. The selling franchise then has 48 hours to confirm whether it is willing to release the player for a potential trade.

If the selling franchise agrees, the player is approached and asked to indicate his willingness to move by signing a consent form issued by the BCCI.

The regulations specifically state that the player must confirm his consent through this form before the trade can proceed. Therefore, franchises cannot complete a player exchange without the concerned cricketer agreeing to the transfer.

How does a player benefit financially from an IPL trade?

The IPL trading regulations also protect a player's financial interests when a trade involves an increase in his annual contract fee.

Under the rules, the player is entitled to an agreed percentage of the increase negotiated between the buying and selling franchises. This amount is referred to as the Player Percentage.

The BCCI consent form specifies the percentage of the negotiated increase that will be paid to the player. The player must also agree to sign a new contract with the buying franchise at his original annual fee, along with the agreed share of the increase.

The selling franchise, meanwhile, agrees to release the player from his existing contract in return for its agreed share of the negotiated increase.

In Pandya's case, his annual fee has increased from Rs 16.35 crore at Mumbai Indians to Rs 18 crore at Punjab Kings. The revised amount represents an increase of Rs 1.65 crore, with the distribution governed by the terms agreed between the parties.

Are medical and fitness tests mandatory for IPL trades?

The IPL regulations place the responsibility for ensuring a player's match fitness on the buying franchise.

According to the rules, the franchise acquiring a player must ensure that he is match-fit at the time of the trade. It can also require the player to undergo a medical examination before the necessary transfer documents are signed.

This provision is particularly relevant in cases involving players returning from injuries or extended periods away from competitive cricket.

Pandya's fitness could be an important consideration in his move to Punjab, as he has been out of action since the conclusion of IPL 2026. The all-rounder has spent more than five months at the BCCI's Centre of Excellence (CoE), and his fitness will be monitored ahead of the next season.

Hardik Pandya's second IPL trade in three years

Pandya's move from Mumbai Indians to Punjab Kings marks the second time in three years that the all-rounder has been involved in a major IPL trade.

The India international began his IPL career with Mumbai in 2015 and became an important part of the franchise's title-winning campaigns in 2015, 2017, 2019 and 2020.

After being released ahead of the 2022 season, he joined Gujarat Titans and was appointed captain. Pandya led the new franchise to the title in its debut season in 2022 and guided it to the final again in 2023.

Mumbai brought him back ahead of IPL 2024 and handed him the captaincy. However, after three seasons in his second stint, he has now moved to Punjab in exchange for Arshdeep Singh.

The earlier transfer from Gujarat to Mumbai was also completed through an all-cash deal ahead of the 2024 season.

Why did Mumbai Indians release Hardik Pandya?

Pandya's departure marks the end of his second stint with Mumbai Indians, although the franchise has acknowledged his contribution to its success over the years.

MI owner Akash Ambani said the franchise had witnessed Pandya's development from a young cricketer into an established international all-rounder and later welcomed him back as captain.

Ambani also acknowledged his contribution, competitive approach and energy during his time with the team, while wishing him well for his next chapter with Punjab Kings.

Pandya's departure leaves Mumbai with a decision to make regarding their captaincy ahead of IPL 2027, while Punjab acquire an experienced all-rounder who has previously led a franchise to an IPL title.