The Petroleum and Natural Gas Regulatory Board vide Notification dated the September 25, 2020 has finalized the Petroleum and Natural Gas Regulatory Board (Gas Exchange) Regulations, 2020. They shall come into force on the date of their publication in the Official Gazette. These Regulations shall apply to the following type of contracts, namely:
- Delivery based contracts for natural gas or liquefied natural gas (“LNG”) transacted on the Gas Exchange
- Day-ahead contracts;
- Intra-day contracts;
- Term-ahead contracts;
- Pipeline capacity contracts,
- Any contract for trading of natural gas or LNG, including those with price linkage to other established markets or reported indices either in India or otherwise.
The Regulations also provide for every gas exchange and clearing corporation to appoint a company secretary as compliance officer and to obtain PCS certificate for the shareholding pattern.
