In thIs Issue...

www.iexindia.com | 01

MAY’15 ISSUE 2 | VolUME 2

N E W S A N D I N F o R M A T I o N

REGUlAToRY NEWSAPTEl Judgment on RPo compliance

APTEL in its Judgment dated 20th April, 2015, regarding compliance of RPO by the distribution licensees and other obligated entities as specified by the State Commissions, held the following:

� SERCs should decide RPO targets before commencement of MYT period.

� Discoms should submit plan for RE purchase/REC purchase as part of tariff petition to SERCs.

� Monitoring of RPO compliance should be carried out periodically. � SERCs can carry forward /review RPO strictly as per the regulations

keeping in view that non-availability of REC is a pre-condition for carry forward as per APTEL judgment in Appeal no.258 of 2013 & 21 of 2014.

� In case of default, penal provision as provided by state regulations should be exercised.

� Power to relax and exempt RPO should be exercised judiciously under exceptional circumstances.

More information: http://aptel.gov.in/

APTEl Judment concerning promotional benefits to RE generators

APTEL in its judgment dated 22nd April, 2015, regarding the issue of applicability of promotional benefits to RE generators under the REC Mechanism availing open access. As per the Judgment:

� A RE based IPP supplying to third party through open access is entitled to concessional benefits and simultaneously avail the benefit of REC, if such concessions are permitted by the concerned State Commission.

� However, CGP based on RE shall be eligible for entire generation from such plant including self-consumption for availing REC subject to the CGP not availing concessional/promotional benefits.

� For surplus energy injected by wind energy IPP into the grid is eligible for payment by the distribution licensee at the rate of 85% of average power purchase cost of the Discom (order no. 1 of 2010 and Open Access Regulation 2011).

More information: http://aptel.gov.in/

APTEl clarifies no restrictions on buying power from multiple sources

APTEL in its Judgment dated 22nd April, 2015 in Appeal No. 169 of 2014, clarified that there cannot be any restriction on sourcing power from multiple sources.

Green Energy Association had approached the Tribunal after MERC in one of its Orders in May 2014, directed that consumers could seek power under open access only from a single source as MSEDCL did not process open access applications of the members of the Association.

PAGE REGUlAToRY NEWS

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01 APTEL Judgment on RPO compliance

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01 APTEL Judment concerning promotional benefits to RE generators

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01 APTEL clarifies no restrictions on buying power from multiple sources

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02 CERC Order on Extended Market Session on Power Exchanges

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02 CERC drafts framework for forecasting, scheduling & imbalance handling of RE

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02 CERC notifies Third Amendment to the PoC Regulations

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03 APERC determines CSS for OA Consumers

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03 MPERC Tariff Order for FY 2015-16

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03 Telangana Tariff Order for FY 2015-16

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04 Power Market Update: April’15

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05 Forecasting and Imbalance Settlement for RE Generators

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07 REC Market Update: April ’15

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08 IEX Trade Info: April’15

IEX Bulletin

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The Judgment states, “There is no restriction on a consumer from sourcing power from more than one source in the Electricity Act or Regulations. In fact the RPO Regulations of the State Commission provides for fulfillment of Solar and non-Solar sources by the obligated entities including open access consumers and the same cannot be complied with without sourcing power from more than one source.”

Key points of the Judgment are as below:

� Maharashtra State Commission has wrongly restricted open access to consumers to one source in violation of its own Open Access Regulations 2005.

� Directed MSEDCL to adjust the energy injected by the members of the Appellant till the date of application of Open Access Regulation, 2014.

� The State Commission is directed to pass consequential Order.

More information: http://aptel.gov.in/

CERC order on Extended Market Session on Power Exchanges

CERC in its Order dated 8th April, 2015, has issued directions to the Power Exchanges in respect of operation of 24x7 intraday/contingency markets. As per the Order, Power Exchanges have to:

� Commence round the clock market (intraday/contingency) by 8 July, 2015.

� The timelines for the already operational day ahead contingency and intraday markets is to be extended:

− Same day Delivery (upto 2400 hours): The trading window to be open round the clock with minimum delivery period of 3 hours after contract execution subject to corridor availability.

− Next day Delivery (0000- 2400 hours): The trading window to open after declaration of day ahead results and to remain open till the end of day.

� The evening market based on collective transactions as had been proposed earlier has now been kept in abeyance.

More information: http://www.cercind.gov.in/

CERC drafts framework for forecasting, scheduling & imbalance handling of RE

On 31st March, 2015, CERC proposed draft for “Forecasting, Scheduling & Imbalance Handling for Renewable Energy (RE) Generating Stations based on wind and solar at Inter-State Level” whose scheduling is done by RLDCs. Some salient features of the framework are as below:

� Forecasting − Forecasting to be done by both, the wind/solar

generator and the concerned RLDC.

− The Renewable Energy Management Centers (REMCs) to be established equipped with advanced forecasting tools.

� Scheduling of Wind/Solar generators at Inter- State Level

− To be paid as per scheduled generation and not actual generation.

− A maximum of 16 revisions for each fixed one and half hour time slot starting from 00:00 hours during the day (as against 8 revisions currently allowed as per IEGC 2010).

− RE generators can transact power through long-term, medium-term and short-term.

− Revisions allowed for bilateral transactions but no revision of trades discovered through collective transactions in the Power Exchange(s).

− Transmission charges (POC charges) and losses applicable, unless exempted.

� Imbalance Handling − In line with the DSM Regulations, the

operating band of volume limits of ±12% is proposed.

− The buyer to pay for the energy scheduled from the RE generators and demonstrate RPO compliance based on schedule.

More information: http://www.cercind.gov.in/

CERC notifies Third Amendment to the PoC Regulations

On 1 April, 2015, the CERC notified Third Amendment to PoC Regulations to be effective from 1st May, 2015. A brief of key amendments is as below:

� Application period of PoC charges reduced from 12 months to 3 months.

� Designated ISTS Customer (DIC) to include Intra-State entity who has obtained Medium Term Open Access or Long Term Access to ISTS.

Actual Generation by RE

Imbalance Settlement through DSM Pool & REC

88-100% of Schedule

Pay @ ` 3/unit to DSM Pool

Buy RECs for shortfall and transfer to buyer

Below 88% of Schedule

Pay @ ` 4/unit to DSM Pool

100%-112% Receive @ ` 4/unit from DSM Pool

Receive REC for excess generation

Beyond 112% No Payments

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� Definition of ‘Merchant Power Plant’ introduced.

� Separate ‘HVDC charge’ and ‘Reliability Support Charge’ introduced for use of HVDC transmission systems and for reliability benefits which accrue to the DICs: These charges to also be applicable to STOA/collective transactions.

� Concept of Uniform Charge/Postage Stamp Charges removed.

� The PoC charges for short term open access transactions shall be in terms of Paisa/unit instead of Rupees per Mega Watt per hour.

More information: http://www.cercind.gov.in/

APERC determines CSS for oA Consumers

On 15th April, 2015, APERC notified the Cross Subsidy Surcharge (CSS) applicable on the open access consumers for FY 16.

Consumer CategorySurcharge (`/unit)

SPDCL EPDCLHT-I(A): Industrial 2.39 2.07

The charges, however, will not be applicable on OA transactions in the R&C (Restriction and Control) Period.

More information: http://www.aperc.gov.in/

MPERC Tariff order for FY 2015-16

On 17th April, 2015, MPERC notified the retail tariff for FY 2015-16. A few key points relevant for the Industrial open access consumers are summarized below:

� Open Access charges − Wheeling Charges: 0.23 per unit. − Cross Subsidy Surcharge: ` 1.82 per unit.

− Transmission Losses: 5.32% (EHT) 5.83% (33 kV). − Transmission Charges: ` 0.50 per unit.

More information: http://www.mperc.nic.in/

Telangana Tariff order for FY 2015-16

Recently, TSERC notified tariff applicable on consumers for the Fiscal 16. The relevant extract for the Industrial Consumers is reproduced below:

� Wheeling Charges and Losses:

More information: http://www.tserc.gov.in/

Wheeling charges

Voltage TSSPDCL FY 15-16

TSNPDCL FY 15-16

33 kV (`/kVA/Month)

15.71 13.74

11 kV (`/kVA/Month)

173.97 259.09

LT (`/kVA/month) 373.12 576.16

Drawn atTSSPDCL FY 15-16

Supply pointTSNPDCL FY 15-16

Supply point

33 kV 11 kV 33 kV 11 kV

33 kV 3.99% 8.79% 4.00% 8.08%

11 kV 8.79% 8.79% 8.08% 8.08%

� Wheeling loss:

Consumer Category

Energy Fixed/Demand Charge

Energy Charge

Unit (`/Month) (`/Unit)

Industrial Colonies

11 kV kVAh - 6.00

33 kV kVAh - 6.00

132 kV & Above kVAh - 6.00

Seasonal Industries

11 kV kVAh 370/kVA 7.30

33 kV kVAh 370/kVA 6.60

132 kV & Above kVAh 370/kVA 6.40

Time of Day Tariffs (6 pm to 10 pm)

11 kV kVAh - 7.00

33 kV kVAh - 6.60

132 kV & Above kVAh - 6.10

Sub-Category of consumer

Monthly Fixed

Charge (`/kVA

of billing demand

per month)

Energy Charge for consump-tion up to 50% load

factor (paise/unit)

Energy Charge for consump-tion in ex-

cess of 50% load factor (paise/unit)

Industrial

11 kV supply 280 575 520

33 kV supply 435 565 470

132 kV supply 525 525 455

220/400 kV supply 560 505 435

04 | www.iexindia.com

REGION BUY (MU) SELL (MU) NETApril'15 March'15 Change (%) April'15 March'15 Change (%)North East 93.41 75.10 24% 59.35 37.48 58% BUYEast 101.11 105.42 -4% 547.22 377.37 45% SELLNorth 1119.48 839.52 33% 823.13 625.11 32% BUYWest 727.33 762.95 -5% 731.56 989.15 -26% SELLSouth 421.98 366.06 15% 302.05 247.67 22% BUY

INDUSTRY NEWSPower Market Update: April’15

The fiscal year 2015 started with increased volumes and low prices on IEX. The average Market Clearing Price (MCP) for April’15 was ` 2.68 per unit, almost 5% less than ` 2.82 per unit last month. The average area clearing price across most of the bid areas was almost same as last month. Surprisingly, the Southern States especially Andhra Pradesh and Karnataka saw drastic reduction of 38% in price. Increase in generation capacity within the region along with reduction in demand due to rainfall were key reasons for reduction in price of power.

As regards to volume, the daily average trade was almost 82 MUs, about 12% increase over March’15. The total cleared volume was 2.5 BUs, about 8% more than the volume traded last month. The increase in volume can be attributed to increase in demand, especially across Northern and Southern States and easing of congestion on the Inter-State transmission network due to more offset of demand by supply within regions, overall 77% of demand was met within the regions.

In April, about 83 MUs were lost due to Inter-State transmission network congestion, a drastic reduction of 387% over the previous month when 400 MUs were lost.

On an average, 1,132 participants traded in the day ahead spot market on a daily basis in April.

Volumes

A total of about 2.5 BUs were traded in April. The Eastern and the Western States were the Net Sellers, whereas the Northern, North-Eastern and Southern States were the Net Buyers. A few key highlights are as given below:

� Total Sell bids - 4.2 BUs � Total buy bids - 2.9 BUs � Northern States bought - 1119 MUs, 33% more over

the previous month. � North-Eastern States bought - 93 MUs, 24% more

over the previous month. � North-Eastern, Eastern and Northern States sold -

59 MUs, 547 MUs and 823 MUs respectively- 58%, 45% and 32% more over previous month’s Sell.

� Southern States sold - 302 MUs this month, an increase of 22%.

The area-wise buy and sell volume trend in April vis-a-vis March is summarised in the table below:

Area Clearing Prices (ACP)

In North, North-East and East, the average Area Clearing Prices (ACP) were almost similar as in the previous month, at around ` 2.48 per unit.

In West, due to overall surplus, ACP was about ` 2.47 per unit, an increase of 13% over March’15.

The ACP was about ` 7.10 per unit, an increase of 3% over last month in Tamil Nadu and Kerala, while in Andhra Pradesh and Karnataka ACP was ` 3.30 per unit, 38% down over March’15.

The average area prices in April vis-à-vis March are as below:

Transmission Congestion Analysis

� East-South corridor was congested 78% of the time in the month.

� West – South corridor also remained congested 78% of the time in the month.

� S1-S2 corridor was congested almost 68% of time through the month.

Participation

1,132 participants traded in the spot market on an average daily basis with highest participation on 17 April, 2015 when 1,217 participants traded at the Exchange.

BID AREASAverage Prices (`/kWh)

April'15 March'15 Change (%)North-East 2.48 2.45 1%

East 2.48 2.44 1%

North 2.48 2.44 1%

South (S1) 3.30 5.29 -38%

South (S2) 7.10 6.93 3%

West 2.47 2.20 13%

MCP* 2.68 2.82 -5%

* MCP (Market Clearing Price) refers to the price discovered before accounting for congestion in Inter-State transmission network.

* ACP (Area Clearing Price) refers to the bid area prices discovered after accounting for congestion in the Inter-State transmission network.

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MARKET INSIGHTS

Forecasting and Imbalance Settlement for RE Generators

With wind and solar energy expected to contribute significantly to the installed capacity as well as energy portfolio in the years to come. We need to evolve mechanisms for mitigating threats posed by the intermittent nature of renewable sources to the grid security. In this regard, CERC has recently proposed framework for wind and solar generators at interstate level whose scheduling is done by RLDC.

Proposed Mechanism for Forecasting, Scheduling and Imbalance Handling

Some salient features of the proposed framework have already been covered in the Regulatory Section of this bulletin. The framework will enable inter-state trading of wind and solar sources connected at ISTS (Inter-state transmission System). It proposes scheduling of wind and solar power by RLDC. It proposes to change the current practice of payment of green bundled energy from actual generation to scheduled generation.

For deviation settlement, the framework gives a unique solution by segregating electricity component and green attributes of the renewable power. For the electricity component, the deviation will be related to the prevalent DSM Mechanism; however, only volume limits will be

placed. The RE generator will pay/receive a pre-determined fixed charge which will not be linked to frequency, but linked to the volume limit (±12% of scheduled quantum) from the DSM pool.

The settlement for green attribute is proposed to be done through the REC Mechanism. Under injection will require the generator to pay to the DSM pool and also buy RECs for the deviated quantum. Similarly, for over injection (within the volume limit of +12%) the generator will receive from DSM pool and also get RECs for the deviated quantum.

DSM account will be published by RPC. DSM account would provide the quantum of RECs to be given or to be procured by the RE generator. It is also proposed that a central agency will be assigned for the task of tracking and monitoring compliance by RE generators.

Suggestions for Further Enhancement of the Proposed Framework

Expand the framework to include RE projects at State Level: With scheduling and imbalance handling procedures in place, RE generators will have more possibilities for sale of power through various sources other than long-term contracts. Since most of the RE power is within the state, therefore, it is recommended that such a mechanism can be adopted at the state level too.

Positives for RE Generators

� Up to 16 revisions allowed

� Deviation delinked with frequency, only volume limits placed

� Deviation for green attributes through REC

� Transactions possible in the Short-term market including Exchanges

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Relaxation in the Operating band: CERC followed the gradual approach in tightening of the deviation band for Conventional power generators which enabled sufficient capacity building at the end of generators. The recent DSM regulations of CERC which restricted deviation in ±12% band at were notified as recent as January 2014. Thus, the same ideology of ‘gradual tightening’ may be adopted for RE projects and in this first phase a broader operating band may be adopted.

Framework to encompass other sources of RE: The framework is currently restricted to wind and solar projects only, other RE sources such as small hydro projects and biomass which are firmer in nature can also be included. Since other sources like biomass, small hydro are less infirm in nature, deviation settlement for the electricity component can be as in case of any conventional generator without allowing 16 revisions. But for settleing deviation in green

attributes, similar procedure as currently proposed for wind and solar projects can be adopted.

Enable Green Contracts at the Exchange: Since the proposed framework gives an opportunity to RE generators to access the short term market including the Exchange, a separate contract, ‘Green Power Contract (GPC)’, for renewable electricity is being proposed by IEX. The contract will allow RE generators to directly sell at the Exchange Market independent of Feed-in-tariff and REC mechanisms. It would facilitate obligated entities to procure renewable power at competitive prices from Power Exchanges to meet their Renewable Purchase Obligation (RPO). On the other hand, generator will have dynamic market to sell power. In case, the RE generator is unable to sell RE power through the Green Market, he would still have option to sell power in the Day Ahead Market and get RECs issued for the equivalent amount.

Wind/Solar Deviation Settlement: Proposed Framework

Electricity Component Green Attributes

Pay/receive from DSM Pool Buy/receive RECs for deviated quantum

Discoms should buy cheaper power through IEX to replace high variable cost power

Useful Tip for Utilities

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RENEWABlE NEWS

REC Market Update: April ’15

The REC market trading session held on 29th April, 2015 witnessed trade of 38,481 N-solar and 6,721 Solar RECs. The market saw a decrease in trade volumes, mainly due to the fact that April is the first month of the compliance year 2015-16.

In the non-solar segment 38,481 buy bids and 53,21,693 sell bids were received and all buy bids were cleared at floor price of ` 1,500 per REC.

In the solar segment buy bids of 6,721 RECs and sell bids of 9,80,521 RECs were received and all buy bids were cleared at floor price of ` 3,500 per REC.

Participants

A total of 919 participants traded at IEX with 642 participants in non-solar segment and 277 participants in the solar segment.

On an overall basis, a total of 2445 participants are registered in the REC segment at IEX. Of this, 747 are Eligible Entities (RE Generators) 1685 are Obligated Entities (DISCOMs, Open Access Consumers & Captive Generators) and 13 are registered as Voluntary Entities.

An overview of participation in the REC Market at IEX as on 30th April 2015:

Total number of registered participants 2,454

Obligated Entity 1,691

DISCOMs 25

Open Access consumers 1584

Captive Consumer 61

Voluntary 13

Eligible Entity (Private Generators) 750

Highest participation in a session (March’13)

1,135

Non Solar Buyer MIX

Open Access Consumer Captive User

15,792 (41%)

22,689 (59%)5,104 (76%)

1,617 (24%)

Solar Buyer MIX

Open Access Consumer Captive User

08 | www.iexindia.com

IEX TRADE INFo: APRIl’15

Day-Ahead Market

MoNTHlY PRICE SNAPSHoT

VOLUME

Average Daily (MW)

Average Daily

Volume

82 MUs

Cumulative Cleared

Volume (MU)

Unconstrained Volume

2,546

3,535

Cleared Volume

2,463

3,421

PurchaseBids

2,878

3,997

Sell Bids

4,213

5,852

MoNTHlY VolUME SNAPSHoT 1 MU = 1 Million kWh = 1 GWh

Minimum MCP Maximum MCP Average MCP

` 2.68/kWh ` 4.70/kWh` 0.99/kWh

2,463For FY 16

TotalVolume (MUs)

AREA PRICES

Prices (`/kWh)

Area Min Max RTC* (0-24 hr)

Peak* (18-23 hr)

Non Peak* (1-17 & 24 hr)

Night* (1-6 & 24 hr)

North, East & North-East 0.99 4.30 2.48 2.76 2.39 2.40

West 0.99 4.30 2.47 2.75 2.38 2.40

South (S1) 1.00 7.80 3.30 3.55 3.22 2.97

South (S2) 1.00 20.00 7.10 11.55 5.62 5.31

* Simple Average of Area Clearing Prices for specified duration of time.

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TERM AHEAD MARKET SNAPSHoT – April’15

Total Volume (MWh)

Max Price (`/kWh)

Min Price (`/kWh)Contracts

200 3.30 3.10Day-Ahead Contingency

- - -Weekly

19,690 4.25 1.50Intraday

- - -Daily

RP: Registered Projects, AP: Accreditated Projects

RP: 4780 MW

Source-wise RE Capacity (MW) State-wise RE Capacity (MW)

Small Hydro

Solar

Others

Wind

Bio-fuel cogeneration

Biomass

Tamil Nadu

Karnataka

Chhattisgarh

Maharashtra

Rajasthan

Punjab

Uttar Pradesh

Andhra Pradesh

Himachal Pradesh

Gujarat

Madhya Pradesh

Others

Registered Projects

2311

901

696

296

5742

1205

1041

730

398

137

364

168202

83 69117 267

Registered Projects

REC MARKET SNAPSHoT

Trade Session on 29 April, 2015

RECPurchase

Bids Sell Bids Cleared (REC) Price (`/REC) Participants

53,21,693 1,50038,481 642Non Solar 38,481

6,721 3,500Solar 6,721 9,80,521 277

10 | www.iexindia.com

PARTICIPATIoN SNAPSHoT (as on 30th April, 2015)

Total Registered Participants

4000+

Open Access Consumers

3,069

Private Generators

301

Highest Participation

1410 (22nd June‘13)

Volu

me

(MW

h)

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

0.00

500.00

1000.00

1500.00

2000.00

2500.00

3000.00

3500.00

4000.00

4500.00

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Pric

e (`

/kW

h)

Average Hourly Market Clearing Volume and Price (April 2015)

Hours

Hourly MCV (MWh) Hourly MCP (`/kWh)

Cleared volume (MWh) MCP N1 S1 W3

01-0

4-20

15

02-0

4-20

15

03-0

4-20

15

04-0

4-20

15

05-0

4-20

15

06-0

4-20

15

07-0

4-20

15

08-0

4-20

15

09-0

4-20

15

10-0

4-20

15

11-0

4-20

15

12-0

4-20

15

13-0

4-20

15

14-0

4-20

15

15-0

4-20

15

16-0

4-20

15

17-0

4-20

15

18-0

4-20

15

19-0

4-20

15

20-0

4-20

15

21-0

4-20

15

22-0

4-20

15

23-0

4-20

15

24-0

4-20

15

25-0

4-20

15

26-0

4-20

15

27-0

4-20

15

28-0

4-20

15

29-0

4-20

15

30-0

4-20

15

Price`/kWh

VolumeMWh

0

20,000

40,000

60,000

80,000

100,000

120,000

0.00

1.00

2.00

3.00

4.00

5.00

6.00

IEX Price and Volume Trend (April 2015)

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CoNGESTIoN PRoFIlE (April 2015)

0

1

2

3

4

5

6

7

8

9

Pric

e D

i�er

entia

l (`/

kWh)

S1 S2

01-0

4-20

15

02-0

4-20

15

03-0

4-20

15

04-0

4-20

15

05-0

4-20

15

06-0

4-20

15

07-0

4-20

15

08-0

4-20

15

09-0

4-20

15

10-0

4-20

15

11-0

4-20

15

12-0

4-20

15

13-0

4-20

15

14-0

4-20

15

15-0

4-20

15

16-0

4-20

15

17-0

4-20

15

18-0

4-20

15

19-0

4-20

15

20-0

4-20

15

21-0

4-20

15

22-0

4-20

15

23-0

4-20

15

24-0

4-20

15

25-0

4-20

15

26-0

4-20

15

27-0

4-20

15

28-0

4-20

15

29-0

4-20

15

30-0

4-20

15

Pric

e D

i�er

entia

l (`/

kWh)

0

0.5

1

1.5

2

2.5

South Import (ER-SR)

01-0

4-20

15

02-0

4-20

15

03-0

4-20

15

04-0

4-20

15

05-0

4-20

15

06-0

4-20

15

07-0

4-20

15

08-0

4-20

15

09-0

4-20

15

10-0

4-20

15

11-0

4-20

15

12-0

4-20

15

13-0

4-20

15

14-0

4-20

15

15-0

4-20

15

16-0

4-20

15

17-0

4-20

15

18-0

4-20

15

19-0

4-20

15

20-0

4-20

15

21-0

4-20

15

22-0

4-20

15

23-0

4-20

15

24-0

4-20

15

25-0

4-20

15

26-0

4-20

15

27-0

4-20

15

28-0

4-20

15

29-0

4-20

15

30-0

4-20

15

% of Time Congestion

E-S W-S S1-S2 W-N E-N N3 Import W3 Export

78.1% 78.1%

68.5%

1.0% 0% 0% 0%0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

Edited, printed and published by:Rajesh K. Mediratta, Director (B.D.), IEX, on behalf on Indian Energy Exchange from Unit No. 3-6, Fourth Floor, Plot No.7 TDI Center, District Centre, Jasola, New Delhi (India) – 110025Tel No.: +91-11-4300 4000 | Fax No.: +91-11-4300 4015 | E-mail: iex-bd@iexindia.com | www.iexindia.com | CIN: U74999MH2007PLC169201Printed at G.S. Graphic Arts, A-18, Naraina Industrial Area, Phase 1, New Delhi - 110028Delhi Police Licensing Number: F2(I-17)Press/2014 dated 30/10/2014

Disclaimer

The information featured in this bulletin has been compiled from sources deemed reliable and to the best of our knowledge. Whilst every effort has been made to ensure the accuracy of the information, IEX will not be held responsible for any errors or omissions neither will it be liable for damages nor losses suffered, personal or otherwise, due to the information contained in this bulletin.

MAY

201

5

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