FM-led GoM to mull regulator Bill next week: Jaiswal

A group of ministers (GoM) headed by finance minister P Chidambaram is expected to meet next week to discuss the draft Coal Regulator Bill, which seeks setting up of a regulatory authority for the coal sector.  "I think it (GoM meeting on coal regulator) is next week," coal minister Sriprakash Jaiswal said in New Delhi.

The government had said in January that it will soon appoint a coal regulator to monitor the pricing, sampling and other practices in vogue in the sector. The coal minister, who is part of the GoM, had earlier said that discussions were underway and the government may soon appoint a coal regulator.

Power minister Jyotiraditya Scindia earlier said that "Power Ministry and Planning Commission will be working on the draft of the coal regulator...Next (GoM) meeting will be the final meeting."

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

According to sources, some of the issues such as the pricing of coal and bringing on the selection board a representative from the power ministry, were raised during the last meeting.

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

The GoM comprises finance minister P Chidambaram, coal minister Sriprakash Jaiswal, environment minister Jayanthi Natarajan, Planning Commission deputy chairman Montek Singh Ahluwalia and power minister Jyotiraditya Scindia among others.