The Petroleum and Natural Gas Regulatory Board on March 08, 2024, issued the Petroleum and Natural Gas Regulatory Board (Gas Exchange) Amendment Regulations, 2024 to further amend the Petroleum and Natural Gas Regulatory Board (Gas Exchange) Regulations, 2020.
The following amendments have been stated:
• 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.
• In regulation 40 which states Contribution to the Settlement Guarantee Fund, 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”
These regulations shall come into force on March 08, 2024.
[F. No. PNGRB/Fin/9-Gas Ex (2)/2021 Vol-IV (Part File-2) (E-4950)]
