Indian Energy Exchange (IEX) on Thursday said its board has approved a proposal to create a subsidiary for setting up an exchange for trading of gas.
The proposal was approved at IEX board meeting on Wednesday.
"The Board...has considered and approved the incorporation of a wholly-owned subsidiary in India to undertake the business of developing a gas exchange for transacting, clearing and settling trades in various types of gas-based contracts including all other forms/types of energy," a BSE filing said.
The exchange will be set up with an initial investment of up to Rs 10 crore in the form of subscribed and paid-up capital, the filing added.
IEX will furnish the necessary details after the new company is formed.
IEX is the first and largest energy exchange in India providing a nationwide, automated trading platform for physical delivery of electricity, renewable energy certificates and energy saving certificates.
The exchange enables efficient price discovery and increases the accessibility and transparency of the power market in India while also enhancing the speed and efficiency of trade execution.
In August 2016, IEX received ISO certifications for quality management, information security management and environment management.
The exchange is now listed with NSE and BSE. IEX is approved and regulated by Central Electricity Regulatory Commission and has been operating since June 27, 2008.
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