Section 16(a) in The Central Electricity Regulatory Commission (Procedure, Terms & Conditions for grant of Transmission License and other related matters) Regulations, 2001
(a)The licensee shall not at any time, without the prior approval in writing of the Commission acquire by purchase or otherwise, or acquire any beneficial interest in, a license or an Undertaking belonging to, or associate himself so far as business of generating, transmitting, distributing or supply of energy is concerned, with another licensee or a person generating, transmitting, distributing, supplying or intending to generate, transmit, distribute or supply electricity.
