Section 55 in Central Electricity Regulatory Commission (Power Market) Regulations, 2010
55. Investigation of certain matters.
- (i) The Commission may, on being satisfied that, any of the factors specified in Regulation 53 exists, at any time, by order in writing, call upon any Electricity Trader or Exchange or Member of Exchange to furnish in writing information or explanation related to the affairs of their transactions.(ii)Notwithstanding sub-regulation (i) above, the Commission may direct any person (hereafter referred to as "Investigating Authority") specified in the order to investigate the affairs of any Electricity Trader or Exchange or Member of Exchange including his books of account, and to report to the Commission on any investigation made by such Investigating Authority:Provided that the Investigating Authority may, wherever necessary, employ any auditor or any other person for the purpose of assisting him in any investigation under this regulation.Provided further that the Investigating Authority shall supply to the Electricity Trader or Exchange or Member of Exchange, as the case may be, a copy of his report on such inspection.(iii)It shall be the duty of every manager, managing director or other officer of the Electricity Trader or Exchange or Member of Exchange, as the case may be, to produce before the Investigating Authority directed to make the investigation under sub-regulation (ii), all such books of account, registers and other documents in his custody or power and to furnish him with any statement and information relating to the affairs of the Electricity Trader or Exchange or Member of Exchange, as the case may be, as the said Investigating Authority may require of him within such time as the said Investigating Authority may direct.(iv)On receipt of any information or report under sub-regulation (i) or sub-regulation (ii), the Commission may, after giving such opportunity to the Electricity Trader or Exchange or Member of Exchange, as the case may be, to make a representation in connection with the report as in the opinion of the Commission, seems reasonable, and after considering representation if made by order in writing ?(a)Require the Electricity Trader or Exchange or Member of Exchange to take such action in respect of any matter arising out of the report as the Commission may think fit; or(b)Cancel the registration of the Power Exchange under these regulations ; or(c)Direct Power Exchange to cancel membership of a member ; or(d)Direct the Power Exchange to cease to carry on the business of Power Exchange.Provided that no action specified above shall be taken unless an opportunity of being heard is given to the person likely to be affected thereby.
