HPX Gets CERC Nod To Appoint Harish Saran As Its MD

HPX Gets CERC Nod To Appoint Harish Saran As Its MD

The Central Electricity Regulatory Commission (CERC) has granted a final extension to Hindustan Power Exchange (HPX) to appoint a Managing Director (MD). This came to the fore after the Indian Power Exchange firm filed a petition seeking approval for its proposal to appoint industry veteran Harish Saran to the role.

The Central Electricity Regulatory Commission (CERC) had earlier directed HPX to comply with governance norms under the Power Market Regulations (PMR) 2021, which require the board to include a managing director and ensure the number of independent directors equals or exceeds shareholder directors.

From PTC to HPX

Saran, currently a senior executive at PTC India Ltd., is set to join HPX following his expected superannuation on June 6. He has more than 37 years of experience in power trading and has previously worked with NTPC Ltd. and Power Grid Corporation of India.

CERC, which had earlier expressed “displeasure” over HPX’s prolonged non-compliance, has now approved the appointment under Regulation 17(3) of PMR 2021. However, it warned that failure to complete the appointment by June 10 could invite penalties. HPX has been directed to submit a compliance report upon Saran’s joining.

HPX’s Beginning in 2022

HPX, which began operations in July 2022, had sought repeated extensions to meet these requirements, citing delays in hiring due to infrastructure challenges, evolving market conditions, and difficulty in attracting senior professionals.

The company told the commission it had engaged a recruitment consultant in 2022, advertised the position twice, and interviewed several candidates. Following these efforts, HPX’s board approved Saran’s appointment on Dec. 23, 2024, based on recommendations from its Nomination and Remuneration Committee.