Mumbai: As many as 123 cricketers were retained by the Indian Premier League (IPL) franchises while five Indians were traded during the player trade window for the 2015 season, a BCCI statement said Tuesday.

Of the 123 retained, 79 were Indians and 44 overseas players. The released players have the option of featuring in the 2015 player auction. The player trade window closed Monday.

"Teams have the right, at their sole election, to extend player contracts for another season. This allows for teams to make any course corrections to their squads as a way to strengthen their team ahead of the next season," Ranjib Biswal, IPL chairman, said in a release.

"It is a way to balance the need for continuity whilst allowing for churn which is very important from the league's perspective. The released players will have the option to put their names up for the player auction for the 2015 season."

The franchises have a salary purse of Rs.63 crore for the eighth season -- a 5 percent increase over the last season's purse. The salaries of the players retained will be deducted from this amount.