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

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PETROLEUM INDUSTRY ACT, NO. 6, 2021
GAS TRADING AND SETTLEMENT REGULATIONS, 2023
ARRANGEMENT OF  REGULATIONS
Regulation :
PART I — OBJECTIVES AND APPLICATION
1. Objectives
2. Application
3. Qualified persons
4. Market coupling of gas exchange
5. Extension of the applicability of these Regulations.
6. Gas exchange contracts denomination.
7. Approval or suspension of contracts by the Authority
8. Principles of market and market design
9. Category of members at gas exchange
PART II — GAS TRADING LICENCE AND AUTHORISATION OF CLEARING HOUSE
10. Duty to obtain licence or authorisation
11. Application for licence or authorisation
12. Conditions for granting a gas trading licence
13. Conditions for granting a clearing house authorisation
14. Power to make inquiries and call for information
15. Grant of licence or authorisation
16. Duration of licence or authorisation
17. Renewal of licence or authorisation
18. Annual operating charge and other charges
19. Withdrawal of licence or authorisation
20. Exit scheme
PART III — NET WORTH OF GAS EXCHANGE AND CLEARING HOUSE
21. Financial requirements
PART IV — GOVERNANCE STRUCTURE OF GAS EXCHANGE AND CLEARING HOUSE
22. Governance structure of the exchange
23. Disclosure and corporate governance norms
24. Risk management by gas exchange or clearing house
25. Default remedy mechanism on gas exchange or clearing house
26. Information technology infrastructure and trading system