Executive Summary:
This notification announces the Central Electricity Regulatory Commission Power Market First Amendment Regulations, 2014, amending the Central Electricity Regulatory Commission Power Market Regulations, 2010. The regulations, effective from the date of publication in the Official Gazette, primarily concern the qualifications and disqualifications for appointment as a Director in the Board of Power Exchange. It defines eligibility criteria and ineligibility conditions for directors and shareholders.
Key Points / Main Content:
Qualifications and Disqualifications for Power Exchange Directors:
* A person is qualified if they possess fairness, integrity, a good reputation, character, and honesty.
* A person is disqualified if:
* Convicted of an offense involving moral turpitude, fraud, or any economic offense, or any offense against any law, with less than five years elapsed since the expiry of the conviction.
* Sentenced to imprisonment for seven years or more for any offense.
* Found guilty of non-compliance with the Electricity Act, rules, regulations, or orders from the Commission or Appellate Tribunal, with less than five years elapsed since the order.
* Restrained, prohibited, or debarred from holding a Director post by any Regulatory Authority.
* Subject to an adverse order by a court/tribunal in winding-up proceedings.
* An undischarged insolvent or has a pending insolvency application.
* Found to be of unsound mind by a competent court.
* Anyone with disqualifications under the Companies Act, 2013, is ineligible.
Applicability:
* The specified qualifications and disqualifications apply to existing Directors of Power Exchanges.
* Shareholders with disqualifications are barred from being appointed as Directors.
Final Authority:
* The Central Commission's decision is final regarding a person's qualification or disqualification as a Director.
Impact Analysis:
Power Exchange Directors:
* Impact: Must meet the specified qualifications and avoid any disqualifications to be appointed or continue in their role.
* Action Required: Review their current status against the new criteria and ensure compliance.
Power Exchange Shareholders:
* Impact: May be restricted from appointing nominees as Directors if they themselves have disqualifications.
* Action Required: Assess their eligibility and ensure their nominees meet the required qualifications.
Central Electricity Regulatory Commission:
* Impact: Responsible for making the final decision on the qualification/disqualification of Power Exchange Directors.
* Action Required: Implement the new regulations and adjudicate any disputes regarding director eligibility.
Key Entities Referenced
Central Electricity Regulatory Commission: The central regulatory body responsible for regulating the electricity sector in India. It issued the notification to amend the Power Market Regulations.
Electricity Act, 2003: An act of the Parliament of India to consolidate the laws relating to generation, transmission, distribution, trading and use of electricity and generally for taking measures conducive to development of electricity industry.
National Electricity Policy: A policy document that provides guidelines for the development of the electricity sector in India.
Central Electricity Regulatory Commission Power Market Regulations, 2010: Regulations established by the Central Electricity Regulatory Commission (CERC) to govern the power market. This notification amends these regulations.
Central Electricity Regulatory Commission Power Market First Amendment Regulations, 2014: The title of the regulations being introduced by this notification which amends the 2010 regulations.
Power Exchange: An organized marketplace for trading electricity.
Companies Act, 2013: An Act of the Parliament of India which regulates incorporation of a company, responsibilities of a company, directors, dissolution of a company.
Appellate Tribunal for Electricity: An appellate body to hear appeals against the orders of the Central Electricity Regulatory Commission and State Electricity Regulatory Commissions.
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CENTRAL ELECTRICITY REGULATORY COMMISSION
NOTIFICATION
New Delhi, the 3rd April, 2014
No. L-1/13/2010/CERC.— In exercise of powers conferred under Section 66 read with Section
178(2) (y) of the Electricity Act, 2003 (36 of 2003) and paragraph 5.7.1 (f) of the National Electricity Policy,
and all other powers enabling it in this behalf, the Central Electricity Regulatory Commission hereby makes
the following regulations to amend the Central Electricity Regulatory Commission (Power Market)
Regulations, 2010 (hereinafter referred to as 'Principal Regulations') namely:
1. Short title and commencement:
(i) These regulations may be called the Central Electricity Regulatory Commission (Power Market) (First
Amendment) Regulations, 2014.
(ii) These regulations shall come into force from the date of their publication in the Official Gazette.
2. A new Regulation shall be inserted after Regulation 22 of the Principal Regulations as under:-
"22A Qualifications and Disqualifications for appointment as Director in the Board of Power
Exchange¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3
(1) A person shall be considered as qualified to be appointed as a Director in the Board of Power
Exchange if such person has a record of fairness and integrity, good reputation and character, and
honesty.
(2) A person shall be considered as disqualified for appointment as Director of the Power Exchange,
if:-
(a) he is convicted by a court of any offence involving moral turpitude or fraud or any
economic offence or any offence against any law and a period of five years has not elapsed
from the date of expiry of the conviction:
Provided that if the person is convicted of any offence and sentenced in respect thereof to
imprisonment for a period of seven years or more, he shall not be eligible to be appointed as a
Director in any Power Exchange; or
(b) he is found guilty in any proceedings for non-compliance of any of the provisions of the
Act or the rules or the regulations made thereunder or any order made by the Appropriate
Commission or the Appellate Tribunal for Electricity and a period of five years has not
elapsed from the date of the order; or
(c) an order restraining, prohibiting or debarring him to hold the post of Director in the Board
of a Company has been passed by any other Regulatory Authority constituted under any law
in force in India under their respective Acts or regulations; or
(d) an adverse order has been passed against him by a competent court/tribunal in a winding
up proceedings; or
(e) he is an undischarged insolvent; or
(f) he has applied to be adjudicated as an insolvent and his application is pending; or
(g) he is found to be of unsound mind by a court of competent jurisdiction and the finding is
in force.
(3) No person who suffers from any of the disqualifications prescribed under Companies Act, 2013
shall be eligible for appointment or continuation as Director of the Power Exchange.
(4) The qualifications and disqualifications specified in this regulation shall also be applicable to the
existing Directors of the Power Exchanges.
(5) If any shareholder of the Power Exchange suffers from any of the disqualifications as mentioned
in clauses (2) and (3) of this regulations, such shareholder or his nominee shall be debarred from
being appointed as Director in the Board of the Power Exchange.
(6) If any question arises as to whether a person is qualified/ disqualified to be a Director in a Board
of the Power Exchange, the decision of the Central Commission on such question shall be final."
A.K. SAXENA, Chief (Engineering)
[ ADVT. III/4/Exty./150/14]
Note:—The Principal Regulations were published in the Gazette of India Extraordinary, Part III, Section 4,
Sr. No. 33, dated 21.1.2010.
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.