Section 31 in Central Electricity Regulatory Commission (Power Market) Regulations, 2010
31.
Information Technology Infrastructure and Trading System of Power Exchange shall comply with the following:(i)Power Exchange shall use electronic trading system and telecommunication network;(ii)The orders entered by a Member of Power Exchange shall be first checked against availability of funds/ collateral in the risk management system before being accepted in the order book of the Power Exchange. This process shall be continued even after separation of clearing function to the Clearing Corporation;(iii)Automated audit trail of bids, offers, and the matching of orders or the execution of transactions on the facility shall be maintained;(iv)The algorithm of the software application for price discovery and market splitting shall be in compliance with the methodology mentioned in Byelaws, Rules and Business Rules of Power Exchange as approved by the Commission;(v)The Commission may Audit or appoint an agency to audit the Software application used by the Power Exchanges in operation for price discovery and market splitting on a random basis. The Power Exchanges shall produce the test results of test cases and scenarios provided by the Commission.(vi)Power Exchange shall also carry out periodic IT system audit for data security, data integrity and operational efficiency and submit its reports to the Commission annually;(vii)Power Exchange shall build a Disaster recovery site and alternate trading facility in case of emergency.
