Section 24 in Central Electricity Regulatory Commission (Power Market) Regulations, 2010
24.
The Power Exchange shall function according to its Bye-laws and Rules as approved by the Commission, which amongst other requirements would cover the following:(a)Price Discovery and matching mechanism;(b)Rights and liabilities of its members;(c)Market surveillance and investigation;(d)Clearing and settlement procedure;(e)Risk management;(f)Default and Penalty mechanism;(g)Penalty for contractual deviations;(h)Transaction charge and the mechanism of its determination;(i)Brokerage and Commission Charges of its members;(j)Maintenance of records and accounts;(k)Preparation of annual accounts and audit thereof;(l)Arbitration, dispute resolution and conciliation;(m)Mechanism for redressal of grievances;(n)Opening and closing of transaction hours, transaction and settlement calendar;(o)Procedure from opening of the platform up to its scheduling by LDC;(p)Procedure for handling a default, i.e., failure to schedule the transaction finalized;(q)Details of market splitting methodology for handling transmission congestion; this shall be elucidated with examples Inter-face design with system operator/Regional Load Dispatch Centres;(r)The details of the Exit Scheme;(s)Qualifications for membership, exclusion, suspension and expulsion(t)Indemnification of Central Transmission Utility, National Load Despatch Centre, Regional Load Despatch Centres, State Load Despatch Centres by the Power Exchange.Provided that Bye-laws and Rules may be amended subject to obtaining prior approval of the Commission.
