CERC objected, arguing that electricity, once imported into India, no longer has the character of an imported product. CERC`s decision was upheld before the Court of Electrical Appeal. This judgment made it clear that electricity, once it arrives in India or its jurisdiction, would be subject to the principles of competition and the institutional protection of the Indian market. Distortions of state influence on electricity markets. The foundations of a regional electricity market must be based on the same principles that underscore national electricity markets in India: protection of consumer interests, market competitiveness, trade and private participation. However, India`s approach to regional electricity markets retains a role for governments to exercise discretion in a way that does not make the market relevant. “The two sides had agreed to sign the agreement within 45 days of Indian Prime Minister Narendra Modi`s visit to Nepal from August 3 to 4. The original agreement was signed within that time. This is a historic performance,” Sinha said. In 2018, India`s Ministry of Energy issued new guidelines for cross-border electricity imports and exports. Although the revisions removed an earlier provision that required majority Indian (or state) goods for any regional trade, it allowed for cross-border electricity agreements to be concluded through bilateral agreements between two countries. The Securities and Exchange Board of India (SEBI) is expected to allow the introduction of electricity futures and derivatives in the next 6 to 12 months. The second part deals with the valuation of the total transactional energy for different PXs contracts.