Section 8 in The Central Electricity Regulatory Commission (Procedure, Terms and Conditions for Grant of Trading Licence and other Related Matters) Regulations, 2009
8. Accounts of the Licensee
(1)The licensee shall-(a)Keep the accounts of the business covered by the licence separate from any other business, whether licensed or otherwise.(b)maintain the statement of accounts in such form and containing such particulars as may be specified by the Commission and till such time these are specified by the Commission, the accounts shall be maintained in accordance with the Companies Act, 1956 (1 of 1956) as amended from time to time.(c)prepare on a consistent basis from such records, accounting statements for each year comprising a Profit and Loss Account, a Balance Sheet and a statement of source and application of funds together with notes thereto and showing separately the amounts of any revenue, cost, asset, liability reserve or provision which has been either;(i)charged from or to any other business together with a description of the basis of that charge; or(ii)determined by apportionment or allocation between the various business activities together with a description of the basis of the apportionment or allocation.(d)provide in respect of the accounting statements prepared in accordance with foregoing clauses, a report by the Auditors in respect of each year, stating whether in their opinion the statements have been properly prepared and give a true and fair view of the revenue, costs, assets, and liabilities reserves reasonably attributable to the business to which the statements relate; and(e)submit to the Commission copies of the accounting statements and Auditor's report not later than nine months after the close of the year to which they relate and shall keep them posted in its website or any other authorized website for a period of at least two years thereafter.(2)Any person authorised by the Commission shall be entitled to inspect and verify the accounts of the licensee, and the licensee shall render all necessary assistance to such person.
