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

EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY No. 168] NEW DELHI, FRID AY, MARCH 8, 2024 /PHALGUNA 18, 1945 CG-DL-E-11032024-252836 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 Petrol eum 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 o f 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: - “Follow ing 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 ut ilisation” (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.