Library / Gas Trading and Settlement Regulations 2023
Gas Trading and Settlement Regulations 2023

Page 22 of 31
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49.  A person having non-public price sensitive information, including the
one relating to outage of gas terminal or any major outage of gas producing
field, including gas pipeline of any nature, or outage of compressors anywhere
along the gas pipelines or any plant of a major customer, shall not transact on
the gas exchange unless such information has been submitted to gas facility
operators or the gas exchange.
50.—(1)   A gas exchange or clearing house shall have an internal manual
covering the management of conflicts between commercial and regulatory
functions of the gas exchange or clearing house.
(2) A gas exchange or clearing house shall put in place a policy for
comprehensive training and awareness of its employees on the various conflicts
of interests involved in the functioning of its regulatory departments.
(3) The entire conflict management framework shall periodically be
reviewed and be strengthened based on the observations of such review.
51.  No member of any committee of the gas exchange or clearing
house shall participate in any decision making or adjudication in respect of any
person or matter in which he is in any way, directly or indirectly, concerned or
interested, and in case of any doubt on whether there is any conflict of interest
or not in a matter, decision shall be taken by the Authority.
52.  All directors and key management personnel shall disclose to the
board of directors, upon assuming office and during their tenure in office,
whenever the following arises —
(a)  any fiduciary relationship or directorship or partnership in any trading
member or clearing member ; and
(b)  any other business interests.
53.—(1)  The chairman and non-executive directors shall not interfere
in the daily functioning of the gas exchange or clearing house and shall limit
their role to decision making on policy issues and to issues as the board of
directors may decide.
(2) The chairman and non-executive directors shall abstain from
influencing the employees of the gas exchange or clearing house in conducting
their activities.
(3)  The chairman and non-executive directors shall not be directly
involved in the appointment and promotion of employees unless specifically
decided by the board of directors.
54.—(1)  Non-executive directors shall call for information only as part
of specific committees or as may be authorised by the board of directors.
Insider
trading
Internal
manual for
conflict
resolution
Avoidance of
conflict of
interest
Disclosures
of beneficial
interest
Role of the
chairman and
directors in
the daily
functioning
of the gas
exchange or
clearing
house
Access to
information