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

Page 9 of 31
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14.  The Authority may, before granting a gas trading licence or clearing
house authorisation, make inquiries and require the applicant to furnish such
further information or document, as it may deem necessary.
15.  The Authority, after considering an application made in these
Regulations and on being satisfied that the applicant has complied with the
conditions prescribed, may grant a licence or authorisation subject to such
conditions as it may deem fit.
16.   A gas trading and settlement licence or a clearing house authorisation,
as the case may be, shall be for a period not exceeding 10 years from the date
of its issuance unless such licence or authorisation is withdrawn or cancelled.
17.—(1)  A gas exchange or clearing house, desirous of renewing its
licence or authorisation may make an application to the Authority not later
than 12 months before the expiration of the period of such licence or
authorisation, in the manner specified in the guidelines issued by the Authority.
(2)  An application for renewal shall be accompanied by the application
fee as specified by the Authority.
(3)  The Authority may, upon review of the application and conduct of
due diligence, renew the licence or authorisation subject to such conditions as
it may deem fit.
(4)  The renewal of a licence or authorisation shall be for a term of 10
years.
18.  A gas exchange and a clearing house shall pay an annual operating
charge and other charges as specified in these Regulations.
19.—(1)  Where the Authority is of the opinion that the licence or
authorisation granted to a gas exchange or a clearing house should, in the
interest of the trade or public interest, be withdrawn, the Authority may serve
a written notice on such gas exchange or clearing house, to show cause as to
why such licence or authorisation should not be withdrawn, and after giving
an opportunity of being heard in the matter, the Authority may withdraw such
licence or authorisation granted to the gas exchange or the clearing house.
(2)  A notice of non-compliance may be issued where the —
(a)  operations of the gas exchange or a clearing house are in violation
of these Regulations ;
Power to
make
inquiries and
call for
information
Grant of
licence or
authorisation
Duration of
licence or
authorisation
Renewal of
licence or
authorisation
Annual
operating
charge and
other charges
Withdrawal
of  licence or
authorisation