Drain the soaked rice and set aside. Peel half the prawns and keep the rest with their heads. Heat olive oil in a paella dish. Add bay leaf, onion and garlic and sauté till translucent.
Add tomatoes, red capsicum, green capsicum and mix. Add chicken pieces, squid rings, prawns with heads, mussels or clams and mix well.
Add paella masala, saffron and mix. Add stock, salt and rice and mix again. Add stock cubes, peeled prawns and green peas and cook till rice is done.
Garnish with boiled prawns (with heads), clams and serve hot with lemon wedges.