GoM meeting on draft coal regulator Bill inconclusive

The inter-ministerial panel on the draft coal regulator Bill, which seeks to set up a regulatory authority for the coal sector, will meet again after today's meeting remained inconclusive.

The Group of Ministers (GoM) is headed by Finance Minister P Chidambaram.

"We discussed the Coal Regulator bill but we are yet to arrive at any result. There will be one more meeting, dates (for that meeting) will be decided by the Chairman of the GoM," Coal Minister Sriprakash Jaiswal told reporters here after the meeting.

Power Minister Jyotiraditya Scindia, who is also a member of the GoM, said that some more clauses may get inserted in the proposed Bill and thereafter a final draft of the Bill will be presented to the GoM for approval.

"Important facts have been discussed, we will put 3-4 more clauses and in the next week or ten days Planning Commission, Power and Coal Ministries will meet and prepare the final draft to be presented to the GoM," he said.

In January, the government had said that it would soon appoint a coal regulator to monitor the fuel pricing, sampling and other practices in the sector.

The setting up of an independent regulator for the coal sector is considered important for fixing guidelines for price revision, improving the competitiveness in e-auctions, setting trading margins and increasing transparency in the allocation of reserves.

Earlier, the Cabinet had discussed the proposal for a coal sector regulator and asked the GoM to make recommendations on its powers and functions.

The GoM on draft coal regulator Bill comprises Finance Minister, Coal Minister, Environment Minister Jayanthi Natarajan, Planning Commission Deputy Chairman Montek Singh Ahluwalia, and Power Minister Jyotiraditya Scindia, among others.