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Date: 08-Mar-2024 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by clause za of sub section 2 of section 61 of the Petroleum and Natural Gas Regulatory Board Act

Issued by Petroleum and Natural Gas Regulatory Board · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The gazette notification pertains to the Petroleum and Natural Gas Regulatory Board (Gas Exchange) Amendment Regulations, 2024. It introduces several amendments to the Petroleum and Natural Gas Regulatory Board (Gas Exchange) Regulations, 2020.

Key Changes

  • Regulation 21 is amended to include the words “as may be applicable,” after “Clearing Corporation”.
  • Clause (i) of sub-regulation 2 of Regulation 24 is omitted.
  • In Regulation 26(4), the word “panel” is replaced with the word “name” concerning the appointment of an independent director.
  • Regulation 31(1) is amended to include the words “as may be applicable,” after “Clearing Corporation”.
  • In Regulation 34(1)(vii), the date “31st May” is replaced with “30th June”.
  • Regulation 40(3)(ii) is amended to include the word “operating” before “revenue”.
  • Regulation 40 is amended to specify revenue heads to be excluded for calculating Gross Operating Revenue from Gross Revenue, including income on shareholders' funds, income on the Settlement Guarantee Fund, and any other revenue approved by the Board.
  • A new sub-regulation (4A) is added to Regulation 40, allowing Gas Exchanges to utilize income earned on the SGF fund for insurance premiums and gas market development activities, with specific conditions on fund allocation and utilization. 70% of the income earned on SGF corpus during the financial year or Rs. 5 Crore, whichever is lower shall be allocated for utilization for the mandated purpose during succeeding financial year and balance shall be retained in SGF corpus. Non-utilized funds must be returned to the SGF and cannot be carried forward.
  • In Regulation 43, the deadline for submitting annual accounts is extended from “30th June” to “30th September”.
  • In Schedule 3, clause 2(b), the timeframe of “60 days” is replaced with “120 days”.
  • In Schedule 3, clause 3(c), the phrase “at least seven days of training” is replaced with “familiarization program after joining of the Board”.
  • The regulations come into force on the date of their publication in the Official Gazette, unless otherwise specified.

Impact Analysis

Gas Exchanges

  • Gas exchanges will need to update their internal policies and procedures to reflect the changes in regulations.

Clearing Corporations

  • Clearing Corporations need to ensure compliance with the amended regulations.

Independent Directors

  • The nomination committee should update the process of recommending candidates for independent director positions.

Board Members

  • The board needs to design and implement a suitable familiarization program for new members.

Stakeholders (General)

  • Stakeholders should monitor further communications from PNGRB for clarifications or additional guidance.

Key Entities Referenced

Petroleum and Natural Gas Regulatory Board (PNGRB): The regulatory body responsible for regulating the petroleum and natural gas sector in India. It is empowered to make regulations, including amendments to existing regulations. Gas Exchanges: Platforms for trading natural gas. Clearing Corporations: Entities that provide clearing and settlement services for transactions on gas exchanges. Petroleum and Natural Gas Regulatory Board Act, 2006: The Act that establishes the PNGRB and defines its powers and functions. Petroleum and Natural Gas Regulatory Board (Gas Exchange) Regulations, 2020: The principal regulations governing gas exchanges, which are being amended by this notification. Settlement Guarantee Fund (SGF): A fund maintained by the gas exchange to guarantee settlement of trades.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-11032024-252836 xxxGIDHxxx CG-DL-E-11032024-252836 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 168] िई दिल्ली, िुक्रिार, माच ड8, 2024/फाल्ग िु 18, 1945 No. 168] NEW DELHI, FRIDAY, MARCH 8, 2024/PHALGUNA 18, 1945 परे ोजलयम और प्राकृजतक गसै जिजियामक बोडड अजधसचू िा िई दिल्ली, 7 माच,ड 2024 फा. स.ं पीएििीआरबी/जित्त /9-गसै जि.(2)/2021 खडं -IV (पार्ड फाइल-2)(इ-4950).—पेरोजलयम और प्राकृजतक गैस जिजियामक बोड ड अजधजियम, 2006 (2006 का 19) की धारा 61 की उप-धारा (2) के खडं (िडे ए) द्वारा प्रित्त िजियों का प्रयोग करत े हुए, पेरोजलयम और प्राकृजतक गैस जिजियामक बोड ड (गैस जिजिमय) जिजियम, 2020, म ें संिोधि करि े के जलए पेरोजलयम और प्राकृजतक गैस जिजियामक बोडड इसके द्वारा जिम्नजलजखत जिजियम बिाता ह,ै अर्ाडत:् - 1. लघ ुिीर्कड और प्रारंभ (1) इि जिजियमों को पेरोजलयम और प्राकृजतक गैस जिजियामक बोड ड (गैस जिजिमय) संिोधि जिजियम, 2024 कहा िाएगा । (2) य ेजिजियम, इसम ेंअन्यर्ा उपबंजधत को छोड़कर, िासकीय रािपत्र म ेंउिके प्रकािि की तारीख से लाग ूहोंगे। 2. पेरोजलयम और प्राकृजतक गसै जिजियामक बोडड (गैस जिजिमय) जिजियम, 2020 म,ें - (क) जिजियम 21 म ें "समािोधि जिगम पर लाग ू होंगे, ......" िब्िों के बाि और “जसिाय उिके जिन् ह ें इि जिजियमों में जििेर् रुप से जिपर्ाया िाएगा । “िब् िों से पहल े"िसै ा भी लाग ूहो", िब्ि िोड़ ेिाएंगे; (ख) जिजियम 24 म,ें उप-जिजियम 2 का खडं (i) लोप हो िाएगा और इसे "***" के रूप म ेंपढा िाएगा; 1707 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (ग) जिजियम 26 के उप-जिजियम (4) में, "स्ट्ितंत्र जििेिक की जियुजि के जलए" िब्िों के बाि और "की जसफाररि करेगी" िब्िों से पहल े "पिै ल" िब्ि को "िाम" िब् ि से प्रजतस्ट्र्ाजपत दकया िाएगा ; (घ) जिजियम 31 के उप-जिजियम (1) में, “गैस जिजिमय और समािोधि कॉपोरेिि पर लाग ू होंग े िब्िों के बाि” और “जसिाय उिके जििका जििेरूर् रुप से इि जियमों में जिपर्ाि दकया िािा है” िब्िों से पहले "िैसा लाग ू हो" िब् िों को िोड़ा िाएगा; (ड़) जिजियम 34 के उप-जिजियम (1) के खंड (छ) म,ें “31 मई” िब् िों के स्ट्र् ाि पर “30 िूि” िब् ि प्रजतस्ट्र्ाजपत दकए िाएंगे। (च) जिजियम 40 के उप-जिजियम (3) के खडं (ii) म;ें i. "सकल ....." िब्ि के बाि और " रािस्ट्ि का कुल योग" िब्िों से पहल,े "पररचालि " िब्ि िोड़ा िाएगा; ii. जिजियम 40 के अंत म,ें जिम्नजलजखत को सजममजलत दकया िाएगा: – "सकल रािस्ट्ि से सकल पररचालि रािस्ट्ि की गणिा के जलए जिम्नजलजखत रािस्ट्ि िीर्ों को बाहर रखा िाएगा: क) िेयरधारकों की जिजध पर आय ख) जिपर्ाि गारंर्ी जिजध पर आय ग ) कोई अन्य रािस्ट्ि िो जिजिमय के अिुरोध पर बोडड द्वारा अिुमोदित दकया िाए" (छ) जिजियम 40 में उप-जिजियम (4) के पश् चात ् जिम्नजलजखत को सजममजलत दकया िाएगा, अर्ाडत ् :- “(4क) एसिीएफ फंड पर अर्िडत आय का उपयोग गैस एक्सचेंि द्वारा (क) एसिीएफ फंड के जलए बीमा प्रीजमयम और (ख) गैस बािार जिकास गजतजिजधयों के भगुताि के जलए जिम्नजलजखत ितों के सार् दकया िाए: i. जित्तीय िर्ड के िौराि एसिीएफ कॉपडस पर अर्िडत आय का 70% या 5 करोड़ रुपये, िो भी कम हो, को आगामी जित्तीय िर्ड के िौराि अजििायड प्रयोिि के जलए उपयोग हतेु आबंरर्त दकया िाएगा और िेर् को एसिीएफ कॉपडस में रखा िाएगा। ii. तर्ाजप, आगामी जित्तीय िर्ड म ेंअजििायड उद्दश्ेय के जलए आिंरर्त जिजध का उपयोग ि करिे की जस्ट्र्जत म,ें इसे िापस एसिीएफ को सौंप दिया िाएगा और उपयोग के जलए अगल े जित्तीय िर्ड के जलए आगे ले िािे की अिुमजत िहीं िी िाएगी" (ि) जिजियम 43 में, "िकि प्रिाह और जित्तीय जििरणों के जलए िोट्स" िब्िों के बाि ििीितम द्वारा" और "बोड ड को हर साल" िब्िों से पहल,े िब्ि "30 िूि" िब्िों को “30 जसतमबर” िब्िों स ेप्रजतस्ट्र्ाजपत दकया िाएगा (झ) अिुसूची 3 में: - i. खंड 2 के उप खडं (ख) में, "60 दिि" िब्िों को "120 दििों" िब्िों से प्रजतस्ट्र्ाजपत दकया िाएगा। ii. खंड 3 के उपखडं (ग) म,ें "कम से कम सात दििों का प्रजिक्षण" िब्िों को "बोड ड में िाजमल होिे के बाि पररचय कायडक्रम" िब्िों स ेप्रजतस्ट्र्ाजपत दकया िाएगा। िन् ििा िमाड, सजचि [जिज्ञापि-III/4/असा./822/2023-24][भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3 पाि रर्प्प ण : मलू जिजियमों को फा.सं. पीएििीआरबी/तकिीकी/35-गैस जि./(2)/2020 (पी-1687) दििांक 28 जसतंबर, 2020 द्वारा अजधसूजचत दकया गया र्ा और 06 मई, 2022 को पीएििीआरबी/जित् त/9-गैस जि. (2)/2021 (पी-3676) द्वारा संिोजधत दकया गया र्ा। PETROLEUM AND NATURAL GAS REGULATORY BOARD NOTIFICATION New Delhi, the 7th March, 2024 F. No. PNGRB/Fin/9-Gas Ex (2)/2021 Vol-IV (Part File-2) (E-4950).—In exercise of the powers conferred by clause (za) of sub-section (2) of section 61 of the Petroleum and Natural Gas Regulatory Board Act, 2006 (19 of 2006), the Petroleum and Natural Gas Regulatory Board hereby makes the following regulations further to amend the Petroleum and Natural Gas Regulatory Board (Gas Exchange) Regulations, 2020, namely: - 1. Short title and commencement. (1) These regulations may be called the Petroleum and Natural Gas Regulatory Board (Gas Exchange) Amendment Regulations, 2024. (2) These regulations, save as otherwise provided therein, shall come into force on the date of their publication in the Official Gazette. (a) In Regulation 21 after the words “Clearing Corporation,……” and before the words “…except those specifically dealt in these Regulations”, the words “as may be applicable,” shall be inserted; (b) In clause (i) of sub-regulation 2 of Regulation 24, shall be omitted . (c) In sub-regulation (4) of Regulation 26 the word “panel” shall be substituted with the word “name”; (d) In sub-regulation (1) of Regulation 31, after the words “Clearing Corporation,.” and before the words “…except those specifically dealt in these Regulations.” the words “as may be applicable,” shall be inserted; (e) In clause (vii) of sub-regulation (1) of Regulation 34, the words "31st May” shall be substituted with the words “30th June”. (f) In regulation 40 for the sub-regulation (3)(ii); i. after the words “sum total of the gross…..” and before the words “……..revenue of the Gas Exchange”, the word “operating” shall be inserted; ii. At the end, the following shall be inserted:- “Following revenue heads shall be excluded for computing Gross Operating Revenue from Gross Revenue: a) Income on Shareholders' Funds b) Income on Settlement Guarantee Fund c) Any other revenue as may be approved by the Board on the request of the exchange” (g) In regulation 40 after the sub-regulation (4), following shall be inserted, namely: - “(4A) The income earned on SGF fund may be utilized by the Gas exchange for paying the (a) insurance premium for the SGF fund and (b) for gas market development activities with following conditions: i.70% of the income earned on SGF corpus during the financial year or Rs. 5 Crore, whichever is lower shall be allocated for utilization for the mandated purpose during succeeding financial year and balance shall be retained in SGF corpus. ii. However, in case of non-utilization of the allocated fund for the mandated purpose in the succeeding financial year, the same shall be ploughed back to SGF and shall not be allowed to be carried forward for succeeding financial year for utilisation” (h) In regulation 43, the words “30th June” shall be substituted with the words “30th September”. (i) In Schedule 3 for the clause 2(b), the words “60 days” shall be substituted with the words “120 days”. (j) In sub-clause (c) of clause 3 of Schedule 3, the words “at least seven days of training” shall be substituted with the words “familiarization program after joining of the Board”. VANDANA SHARMA, Secy. [ADVT.-III/4/Exty./822/2023-24] Foot Note: The principal regulations were notified vide F. No. PNGRB/Tech/35-GasEx/(2)/2020 (P-1687), dated the 28th September, 2020 and amended vide PNGRB/Fin/9-Gas Ex (2)/2021 (P-3676) dated 06th May, 2022. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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