ORDER

The Infinite VoltX Trading Private Limited (hereinafter referred to as “the Petitioner”), incorporated under the Companies Act, 2013, has made the present application under Section 14 of the Electricity Act, 2003 (hereinafter referred to as “the Act”) read with Regulation 6 of the Central Electricity Regulatory Commission (Procedure, Terms and Conditions for the Grant of Trading Licence and other related matters) Regulations, 2020 (hereinafter referred to as “the Trading Licence Regulations”), amended from time to time, for the grant of a Category ‘V’ trading licence for inter-State trading in electricity all over India.

2. In accordance with sub-section (2) of Section 15 of the Act read with Clause (4) of Regulation 6 of the Trading Licence Regulations, notices were published by the Petitioner on 5.6.2026 in the ‘Business Standard’ (Ahmedabad, Bhopal, Bhubaneswar, Bengaluru, Kolkata, Chandigarh, Chennai, New Delhi, Hyderabad, Kochi, Lucknow, Mumbai, Pune, and Jaipur) and also in all the edition of the ‘Indian Express’ (covering Ahmedabad, Delhi, Jaipur, Kolkata, Lucknow and Mumbai). The Petitioner has submitted that no objections have been received in response to the public notices.

3. In accordance with Regulation 3(3) of the Trading Licence Regulations, a person applying for a Category 'V' trading licence should have a net worth of Rs. Two crore and should have maintained a minimum current ratio and liquidity ratio of 1:1 as on the date of the Audited Special Balance Sheet accompanying the application. As per the Audited Balance Sheet submitted by the Petitioner as on 18.5.2026, the Petitioner possesses the required net worth, current ratio, and liquidity ratio for the grant of a Category 'V' trading licence. The Commission, vide its order dated 16.8.2026, concluded that the Petitioner is prima facie qualified for the grant of a Category ‘V’ licence for inter-State trading in electricity.

4. On the above consideration, the Commission, vide its order dated 16.8.2026, had proposed to grant a Category 'V' inter-State trading licence to the Petitioner. The relevant portions of the said order dated 16.8.2026 are extracted as under:

“14. In accordance with Clause (2) of Regulation 3 of the Trading Licence Regulations, the Petitioner should have at least one full-time professional possessing qualifications and experience in power system operation and the commercial aspects of power transfer, including finance, commerce and accounts. With regard to full-time professionals, the Petitioner vide affidavit dated 27.5.2026 has submitted that Shri Deepak Kumar Jian, Director and President (Operations), has over 15 years of experience in the fields of finance, commerce, accounts, investment appraisal, commercial advisory, and renewable energy project evaluation and has extensive experience in financial modelling, valuation of infrastructure and renewable energy projects, carbon market related financial advisory services, and commercial analysis; CA Savan Sharda, Chief Financial Officer, has more than 15 years of experience in the fields of finance, commerce, accounts, taxation, statutory compliance, and corporate financial management and also has extensive experience in handling accounts, financial reporting, taxation matters, banking operations, audit coordination, regulatory compliances, and commercial and accounting functions for various organizations and business groups; Shri Sukanta Das, Vice President Operations, Power Trading, has over 18 years of extensive experience in the fields of System Operation, Power Trading, Energy Risk Management, renewable energy projects, carbon market mechanisms, greenhouse gas audits, sustainability assessments, and environmental compliance. He has worked extensively on matters relating to renewable energy integration, carbon markets, IREC mechanisms, and sustainability frameworks, with substantial exposure to operational, technical, and commercial aspects of the energy sector, a