Power exchange proposal at initial stage: BSE

Leading exchange BSE has said its proposal to set up a new power exchange along with PTC India and ICICI Bank is in "initial stages".

On September 10, the BSE announced that it had filed a petition with the power market regulator Central Electricity Regulatory Commission on September 7 for grant of licence for setting up a new power exchange, along with PTC India and ICICI Bank.

Following the announcement, rival exchange NSE, where the BSE is listed, had sought clarification with regard to the quantum of claims and expected financial implications, if any, due to compensation and penalty, among others.

"The media release dated September 10, 2018, related to setting up of a new power exchange along with PTC India Limited and ICICI Bank Limited. Since this proposal is in its initial stages, none of the questions asked above would be applicable," the BSE said in a regulatory filing.

"To our knowledge, there is no information under regulation 30 of the listing regulations that require disclosure and has not been announced by the company to the exchange," the BSE said.

Regulation 30 pertains to disclosure of events or information by listed entities.

The proposed institutional exchange, subject to necessary regulatory approvals, would leverage on the experience and expertise of its stakeholders in their fields, knowledge of the power sector, funding of power projects and associated infrastructure, setting-up and running various exchanges and platforms in India and offer the market participants a credible power trading platform, the BSE had said on September 10.