CERC Grants PXIL Extension to Align with Power Market Regulations
The decision follows PXIL's plea for an extension, citing the need to meet regulatory provisions related to diversified stakeholders and maximum ceilings on stakes.
November 22, 2023. By News Bureau
The decision follows PXIL's plea for an extension, citing the need to meet regulatory provisions related to diversified stakeholders and maximum ceilings on stakes.
While PXIL was close to fulfilling most regulatory mandates, the Commission approved an extension until March 31, 2025, to comply with the provisions concerning diversified stakeholders and maximum ceilings on stakes.
The judgment highlighted that some of PXIL's promoter shareholders, including NSE Investments Ltd (NSEIL) and the National Commodity and Derivatives Exchange Limited (NCDEX), exceeded the specified shareholding ceiling of 25 percent and 5 percent, respectively.
The Commission emphasized the importance of PXIL achieving a dispersed ownership structure to mitigate risks, calling for the dilution of shareholding by the two promoter shareholders, NSE Investments Ltd (NSEIL) and National Commodity & Derivatives Exchange Limited (NCDEX), to 25 percent by September 30, 2024.
While acknowledging the need for additional time based on PXIL's submission, the Commission exercised its powers to relax under Regulation 56 of PMR 2021, granting PXIL time until September 30, 2024, to align its ownership structure in line with Regulation 15 of PMR 2021.
The Commission directed PXIL to submit a progress report by December 31, 2023 and emphasized the necessity of implementing a robust risk management and surveillance process to address market risks and prevent conflicts of interest.
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