Section 3 in Central Electricity Regulatory Commission (Power Market) Regulations, 2010
3.
These regulations shall apply to OTC markets and Exchange markets dealing in electricity, and where -(i)Over the Counter Market - Over the Counter Market is the inter-State market where buyers and sellers directly transact or transact through an Electricity Trader, and where the price and terms of the contract are determined through negotiations as agreed between the parties or through competitive bidding process or through a Electricity Trader. The risk in contracts executed in such markets is managed between the parties themselves or by the Electricity Trader, as the case may be.(ii)Power Exchange Market - Power Exchange Market is a market where buyers, sellers, Electricity Traders, Members of Power Exchange transact on standardised contracts and where the Power Exchange or Clearing Corporation is counterparty to such contracts and further, scheduling is done by Regional Load Despatch Centre or National Load Despatch Centre unless actual delivery is dispensed with.(iii)Other Exchange Market - Other Exchange is a market where derivative contracts, contracts for electricity or its related products are transacted on standardised contract specifications and where the Exchange or Clearing Corporation is counterparty to such contracts.
