| The Board would have powers to impose a penalty of upto Rs 25 crore and Rs 10 lakh per day in the case a company continued to default. |
| In the case of profiteering, the penalty is proposed to be up to 5 times of the unfair gains made by the entity or Rs 10 crore, whichever is higher, petroleum ministry officials said. |
| The provision is akin to the amended Securities and Exchange Board Act and the proposed amendments in the Companies Act. |
| Once the Appellate Body is in place all petitions will be heard by it instead of the earlier proposal to send them to High Courts. |
| Senior government officials said that the draft Bill, however, did not include the provisions related to the gas policy since the petroleum ministry has not received Cabinet clearance for the policy. |
| "My ministry has already finalised the draft Bill to set up the Petroleum and Natural Gas Regulatory Board." |
| "The draft Bill has now been sent to the law ministry for final vetting," Petroleum Minister Mani Shankar said. |
| The board would regulate the petroleum operations post the crude oil and natural gas production phase. |
| The board will then cover refining, processing, storage, transportation, distribution, marketing and sale of petroleum and petroleum products. |
| It will also regulate transportation of natural gas through pipelines, establishment and operation of LNG terminals, setting up of city or local gas distribution projects, and activities incidental thereto. |
| "I hope in the next two-three months, the Bill will be cleared by the cabinet for tabling in Parliament in the winter session," Aiyar said. |
| The National Democratic Alliance government had drafted the Regulatory Board Bill and introduced the Bill in Parliament last year. |
| It had also incorporated the recommendations of the Standing Committee but could not reintroduce it in Parliament. |
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