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Home News Power Sector News CERC to regulate power futures trading in MCX

CERC to regulate power futures trading in MCX

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CERCPower futures trading in Multi Commodity Exchange may well be regulated by electricity regulator CERC as well, which plans to come out with new guidelines for the power market in the next 6-7 months. "CERC plans to make new regulations pertaining to power market including futures trading in electricity in the next 6-7 months. Once regulations are in place, MCX has to comply with them," a senior CERC official told PTI. Commodity exchanges are regulated by the Forward Markets Commission.

The regulator, which has engaged a consultant to draft regulations, will solicit comments and suggestions from the trade and industry associations, the official added.

"As per section 66 of the 2003 Electricity Act, CERC has authority to frame regulations for the entire power market including futures. If we make regulations, every body has to abide by it," the official said.

The decision to frame new regulations comes close on the heels of a recent order issued by CERC in a petition filed by Power Exchange India Ltd (PXIL) to restrain MCX and Indian Energy Exchange (IEX) from dealing in any manner with electricity forward contracts without its (CERC) approval.

In the petition, PXIL had also questioned the jurisdiction of commodity market regulator FMC. It had made Forward Markets Commission (FMC), IEX and MCX as respondents.

Source - Business standard
 

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