[ \textBadla Index Value = \frac\textTotal Bull Positions \times \textVyaj Rate\textTotal Bear Positions \times \textUndha Rate \times 100 ]
No. The US has never used Badla. Use the Stock Loan (SLB) volume or Futures Open Interest instead.
"Badla" is Hindi/Urdu for "exchange" or "substitute." It refers to substituting delivery with a financing fee.