AMAZING Swaminarayan temples from around the world

The Swaminarayan faith is one of many Hindu denominations, with a presence in India and throughout the world.

Followers are known for their discipline, dedication, spirit of volunteerism and commitment to a productive life.

Swaminarayan temples are a major draw for devotees and alike. They are known for their grandeur and architecture,

A recent addition to the list of temples around the world is the Swaminarayan Temple in Hollywood, US at a colossal cost of $100 million (Rs 543.5 crore) and designed to last 1,000 years.

Popularly known as the 'Neasden Temple' -- the Swaminarayan Mandir in Neasden, north London, is a masterpiece of Indian stonework and craftsmanship, replete with its towering white pinnacles, smooth domes and intricate marble pillars, all based on ancient Vedic principles of art and architecture

The BAPS Swaminarayan Mandir Complex in Bartlett, Chicago. This masterpiece of ancient design and workmanship was put up in only 16 months.

The Swaminarayan Mandir in Houston is the first traditional Hindu Mandir of its kind in North America. It is a masterpiece of intricate design and workmanship, replete with its 5 towering white pinnacles, 12 smooth domes and glittering 136 marble pillars.

The Swaminarayan Mandir in Atlanta, US was inaugurated in August 2007 after only 17 months of construction time. The Mandir is comprised of 3 types of stone (Turkish Limestone, Italian marble, and Indian pink sandstone). More than 34,000 individual pieces were carved by hand in India, shipped to US and assembled in Lilburn like a giant 3-D puzzle

The Swaminarayan Mandir complex in Toronto, Canada is a masterpiece of intricate design and workmanship of ancient Indian arts, traditions and philosophy. The temple was constructed in a record 18 months.

The Swaminarayan Mandir in Nairobi is the first traditional Hindu temple of its kind to be constructed, carved and created according to the ancient Hindu Shilpashastras on the African continent. 

350 tons of yellow Jesalmer sandstone from Jesalmer, Rajasthan, was mined and transported to Pindwada, a village 400 km from Jesalmer. There the stones were hand carved to various designs by 150 skilled sculptors over a period of two years. The carved pieces were then shipped from India to Mombasa and assembled in Nairobi like a giant jigsaw puzzle.

The Swaminarayan Temple in Mombasa

The East African Satsang Swaminarayan Temple in Nairobi

The Swaminarayan Mandir in Melbourne

The Swaminarayan Temple in Dar Es Salaam, Tanzania

The Swaminarayan Temple in Cardiff, United Kingdom

The Swaminarayan Temple in Karachi, Pakistan

The Swaminarayan Temple in Kampala, Uganda

The MAGIC of Kumbh Mela down the years

The once-12-years in Maha Kumbh Mela that began in Allahabad, Uttar Pradesh, Monday, is expecting a massive gathering of more than 100 million devotees, god-men and tourists during the 55-day mega festival.

The mega festival, where devotees from across the world gather to take a holy dip to attain salvation at the confluence of Ganga, Yamuna and mystical Saraswati rivers, is billed as the biggest human gathering in the world.

The first written evidence of the Kumbha Mela can be found in the accounts of Chinese traveler, Huan Tsang who visited India in 629 -645 CE, during the reign of King Harshavardhana.

However, similar observances date back many centuries, where the river festivals first started getting organised. According to Hindu theology, its origin is found in one of the most popular medieval puranas, the Bhagavata Purana.

In this photograph, Naga Sadhus run in to the Ganga to get a holy dip during the 2001 Maha Kumbh Mela in Allahabad.

A Hindu devotee prays in the Ganga, after taking a holy dip during the 2001 Maha Kumbh Mela in Allahabad.

Thousands of devotees wait for their turn to bathe in the holy waters of Ganga during the 2001 Maha Kumbh Mela in Allahabad.

Thousands walk across pontoon bridges over the holy Ganga in Allahabad during the 2001 Maha Kumbh Mela.

Devotees bathe in the holy Ganga during the 2001 Maha Kumbh Mela in Allahabad.

A sadhu blows his conch shell as the 2003 Kumbh Mela is declared open on the banks of the Godavari river in Nasik.

A Naga Sadhu reacts to the camera after taking a dip in the Sangam, the confluence of three rivers, Ganges, Yamuna and Saraswati, during te 2007 Ardh Kumbh Mela in Allahabad.

Naga Sadhus wait on the banks of Ganga during the 2007 Ardh Kumbh Mela in Allahabad.

A Sadhu, whose followers say he has not moved his arm and cut his fingernails for 32 years, sits in a camp near the banks of Ganga, during the 2010 Kumbh Mela in Haridwar.

A Hindu devotee ties his turban after taking a holy bath during the 2007 Ardh Kumbh Mela in Allahabad.

A Sadhu takes pictures at the 2007 Ardh Kumbh Mela in Allahabad.

A Hindu devotee offers prayers at the start of 2007 Ardh Kumbh Mela at Sangam in Allahabad.

A Naga Sadhu prays while taking a holy dip in the waters of Shipra river during the 2004 Simhasta Kumbh Mela in Ujjain.

Hindu holymen await an auspicious moment before bathing at 2003 Kumbh Mela at Trimbakeshwar in Nasik district of Maharashtra.

A Sadhu holds a mirror with a picture of a Bollywood actress during 2007 Ardh Kumbh Mela in Allahabad.

A boy watches the first 'Shahi Snan' (grand bath) at a sacred pond at the 2003 Kumbh Mela in Trimbakeshwar, near Nasik.

Naga Sanyasis take a dip during the first 'Snahi Snan' at a sacred pond during the 2003 Kumbh Mela in Trimbakeshwar, near Nasik.

A Hindu holyman dries his robe after taking a dip in the river Godavari at the 2003 Kumbh Mela in Nasik.

A Hindu devotee holds his son while taking a holy dip in the Ganga during the 2001 Maha Kumbh Mela in Allahabad.

A Naga Sadhu rides on a horse as he marches for a royal bath during the 2001 Maha Kumbh Mela in Allahabad.

Pilgrims on the banks of Ganga take a dip during the 2001 Maha Kumbh Mela in Allahabad.

Ranji Trophy: Meet the five bowling stars after Round 5

Fast bowling is not an easy task in India [ Images ], and it has been proved in this year's Ranji Trophy too with the batsmen dominating proceedings so far.

With winter setting in, the conditions are ideal for bowlers in places like Punjab [Images ] and Himachal, and pacers like Sandeep Sharma, Siddarth Kaul and Rishi Dhawan have made the most of it.But, interestingly, the top four wicket-takers out of five so far are pace bowlers, and all hail from the northern part of the country.

- Ranji Trophy: Meet the five batting stars after Round 5

Left-arm spinner Shahbaz Nadeem is the lone non-pacer in the top five bowlers this Ranji season. A key performer for Jharkhand, which is looking to get out of Group C, he has 25 wickets.

A look at the top five bowlers:

Sandeep Sharma: (Punjab)

Matches 5, Overs 176.3, Wickets 29, Avg 16.51, BBI 7-25, 5WI 2, 10WI 1

Sandeep Sharma is leading Punjab's charge with the ball. He has claimed 29 wickets from five matches, which has seen Punjab take a big lead in the points table in Group A after winning four out of five matches for a tally of 29 points, with Madhya Pradesh [ Images ] a distant second on 11.

- Top Test centurions from each nation

Sandeep was also part of India's Under-19 World Cup-winning squad earlier this year where he was the joint highest wicket-taker with 12 scalps. His good form continues in the domestic circuit.

The 19-year-old seamer made good use of the conditions at Mohali in the last two matches, claiming successive five-wicket hauls against Saurashtra (7-25 and 3-57) and Rajasthan [ Images ] (3-27 and 5-57) respectively.

Rishi Dhawan: (Himachal Pradesh [ Images ])

Matches 5, Overs 264.4, Wickets 28, Avg 26.85, BBI 6-63, 5WI 2

Himachal Pradesh seamer Rishi Dhawan is also in red hot form. The 22-year-old claimed two five-wicket hauls for an impressive tally of 28 wickets from the first five matches of the season.

Dhawan boasts of a good bowling record in first class cricket, with 88 wickets from 20 games, since making his debut three years ago.

Siddarth Kaul: (Punjab)

Matches 5, Overs 182.1, Wickets 27, Avg 20.85, BBI 6-63, 5WI 2

Siddarth Kaul comes from a family of cricketers, his father Tej and brother Uday having played first class cricket too.

The 22-year-old pace bowler from Punjab is in roaring form since the start of the season, bagging 27 wickets in five matches.

His best figures this year were the six for 63 he took against Saurashtra in Mohali when his brother Uday, who is the wicketkeeper, took three catches of his bowling.

Mohit Sharma: (Haryana)

Matches 4, Overs 134.4, Wickets 25, Avg 14.52, BBI 5-49, 5WI 2

Fast bowlers from the north of India have made most of bowling in helpful conditions at home to be among the wickets. Haryana pacer Mohit Sharma is another pacer who seems to have relished the early part of the season, claiming 25 wickets in four matches.

The 24-year-old made his first class debut last year and is a consistent performer for his state.

He claimed successive five-wicket hauls against Odisha (5-49) and Baroda (5-50) respectively, but his team is struggling this year, having suffered three defeats in four matches.

Shahbaz Nadeem: (Jharkhand)

Matches 4, Overs 201.3, Wickets 25, Avg 20.96, BBI 6-54, 5WI 2

Left-arm spinner Shahbaz Nadeem is the most successful spinner so far in this year's domestic cricket.

In four matches for Jharkhand, Nadeem, 23, returned a rich haul of 25 wickets, at an average of 20.96, including two five-wicket hauls.

How to be more professional at work

Suraj Anand Mumbai

According to a particular alumnus of a premier business school in the United States, Asian students were advised, during an etiquette class, not to order salads with iceberg lettuce during business meetings in America or Europe. The suggestion was to order freshly cut fruit or skip the salad altogether.

The reason for this was that since green vegetables are not a staple food in Asian countries, they may come across as clumsy while trying to eat it. As freshers enter the workplace, they may be catapulted into tricky situations like this.

Tapas Majumdar, General Manager, Human Resources, Cox and Kings, recounts how they still pull the leg of a young employee because she referred to all her seniors as 'sir'. "At Cox and Kings, we follow the first name culture and things are pretty relaxed, so much so that we barge into cubicles sometimes without knocking," says Tapas.

Some companies prescribe a code of conduct for its employees while others don't. So, we got professionals to share what worked for them in such situations.

Icebreaker at a meeting

Every now and then, important meetings give the 24-year-old Siddhesh Gawde from Mumbai the jitters. "I tend to freeze and don't know what to say, especially if I am meeting the CEO. I usually wait for others to speak first," he confesses.

He suggests listening to what is being discussed and then asking clarifications to break the ice.

But Balu Pandian, former corporate director and chairman of Brookfield High School, Bangalore, feels that being silent, waiting for things to pan out in a meeting is not always ideal. "At meetings, give an overview of your responsibilities, enquire about others. This gives all a chance to participate," says Balu, Former Corporate Director, Brookfield High School.

Balu's suggestions:
Introduce yourself the right away and seek introductions from others. People with initiative are admired.

Give a quick overview of your work responsibilities and enquire about others in the meeting. This gives everyone a chance to participate and open up.

Ask a few questions based on their answers. This indicates that you are eager to learn more about their area of work, and can open channels of addressing senior colleagues.

Ask people how they would like to be addressed. For example: 'Hi Shilpa; is it okay if I call you that?'

Be confident while you speak to your senior colleagues.

Phone calls

Bibin Verghese, 25, works in the presales department at Mobikon Technologies, a web solutions provider to hospitality businesses in Pune. He spends more than half of his day interacting with potential customers, most of whom he speaks to for the first time.

The MBA student from Singhad Business School, Pune says, "There was this one instance where I completely went blank while talking to the CEO of a hotel and had to simply hang up abruptly. I was so nervous and conscious of the fact that I was talking to a CEO." Lucky for him, the company didn't lose the client.

Tapas advises emphatically, "Do not be casual on the phone, even if the other person is. Maintain some distance, simply because you don't know the other person at all."

Sunder Ramachandran, Managing Partner, WCH Training solutions, a New Delhi-based training company says a bit of planning before a first phone call can help.

Sunder's suggestions:
Open the call with a standard professional greeting like a 'Good Morning' depending on the time of the day and move on to introducing yourself.

• Ask if it is a good time to talk.
• Be as direct as possible and don't beat around the bush; small talk can be an irritant.
• Allow the other person plenty of time to respond and use prompt words such as 'I see' and 'really' as sincerely as possible.
• Don't repeat the name of the person too many time, three times every eight to 10 minutes is good enough.
• Keep conversation brief.

Lunch time manners

Lunch time is a good time to find out more about the interests of your colleagues, says Shipra. People usually tend to drop their guard in the cafeteria but there are some dos and don'ts here as well.

"It is natural to form groups, especially in a cafeteria. But you never know when groups change, so by forming groups don't form barriers," advises Tapas.

More suggestions:

• Since groups are inevitable, it's a good idea to have lunch with different groups rather than sticking to the same clique, everyday. You will get to know more people and will not be viewed as "clannish".
• When in the presence of one group don't speak ill of a person in another group. In fact, try not to comment on a third person in his or her absence.
• Try not to carry on any conversations from the cafeteria to the workplace but discussing work while at lunch is not a bad idea.

Finally Shipra adds, "A little caution and thought in the manner in which you interact at work will definitely benefit you professionally."

Say NO to these!

A. Speaking in your mother tongue in front of people who don't follow your language: It is considered extremely rude to speak in a language your colleague, co-worker or guest does not understand. A common mistake, it can reflect poorly on your company's culture. The conversation must always be in the official language even when one is on the office premises or while entertaining official guests after office hours.

B. Using your official email ID to send colleagues a personal e-mail/forward: companies have strict policies that govern its usage. You could be pulled up for an off the cuff remark or a poor joke that is in bad taste.

C. Vulgar banter among colleagues you consider as friends in office: When in office or in official circles you are representing your company and what you say will be decoded as your company's stated position. A careless remark can be held against you, as people do take offence.

10 reasons why employees quit their jobs

Courtesy EduKart.com 

Lack of appreciation and work overload are some reasons why employees quit. Read on to know what other factors influence people to change their jobs.

Not all of us are lucky enough to be in a job that is both secure as well as enriching.

Many of us aren't fortunate enough to get the job of our choice. It has been observed that a large number of people not only change their jobs but sometimes change their career several times during their lifetime.

Career change is not always negative. It can be an amazing opportunity to explore new avenues and take risks.

Read on to know what drives employees to look for a job change.

Edukart is an online education portal offering industry relevant online certificate training courses to students.

1. Boredom

Boredom at work is one of the most common reasons leading to job change.

Many employees cite this as one of the top reasons why they decided to switch their careers.

Boredom not only affects productivity and job satisfaction but also sometimes generates a feeling of hatred about the job among the employees.

2. Money

Money is a big motivator for employees.

If you are not able to get what you deserve in lieu of the work you are doing, it could be highly discouraging.

A large number of people change their jobs because they feel they do not get their job's worth.

People who are underpaid believe that more money will make them feel better.

The thought that they will continue to remain underpaid in their organisation forces them to quit their job and look for something better.

3. Poor management

Many a times, the office management fails to act as a driving force for the employees.

It fails to provide proper appreciation and credit, thus curtailing employees from taking ownership of the work they do.

Poor communication, micro-management, and lack of control over one's workday are major reasons why employees seek greener pastures in other organisations.

4. Stagnation at work

Sometimes people underutilise their skills and aren't able to stand out at work although they are in the right job.

What is even worse is that sometimes you tend to lose the skills that were once your core competence.

In fact, if you do not update and use your skills regularly then you will eventually lose them.

5. Lack of career growth

This is one of the most dangerous situations -- when people realise that they aren't learning anything in their current job.

It has been observed many times that if there are lesser growth opportunities in a job then the employee feels stagnated and adopts a change of career.

A job must come with challenges and allow the person to grow and learn from them. For instance, if you are a person who believes that life is a learning process and your job contains no scope for learning and discovery then you are bound to be unsatisfied with the job.

6. Lack of teamwork

Team dynamics play a very important role in your job.

One cannot share the same rapport with everyone in an organisation/ team. Personality conflicts will always be there.

And if unfortunately, you land up in a team that enjoys taking potshots at you and rubs you off in the wrong way, then your survival in an organisation is going to be very difficult.

The situation may be worse if you aren't a social pariah and have no one to click with.

7. Lack of appreciation

Many employers don't realise the importance of appreciation and encouragement.

They underestimate the value of praise and recognition.

For a lot of people, motivation comes from appreciation. If their work goes unappreciated then the drive to work effectively also vanishes for them.

The sense of pride is one of the greatest drivers of performance.

8. Work overload

If your work is characterised by a lot of deadlines then it might make you feel worn out.

If you are regularly working as a decapitated chicken then it is quite likely that eventually you will stop enjoying your work and go for a job change.

9. Location

The place of work affects job satisfaction to a large extent.

The distance of one's workplace from his/her respective home creates a lot of impact on the performance.

It is not easy to deal with regular traffic and rush hour daily.

If you are spending a lot of time commuting and that starts to affect your performance at work and you will go in for a job change soon.

10. Incentives

While it may seem trivial, incentives like medical and supplemental benefits are an important part of any job.

Every employee expects a comprehensive plan of benefits and if one employer isn't providing these basic incentives then the employee is bound to go for a job change.

While employers can try to minimise these reasons to make their workplaces more employee-friendly, employees too can work on improving on some of their character traits to fit in with the demands of the organisation.

Facebook may decide if you will get a job interview call

A new study has revealed that more than 90 per cent employers look for social media profiles before considering a candidate for a job.

Employers turn to social media sites like Facebook when deciding whether to even call a job candidate for an interview, according to a new study.

Research from a global security software company discovered that more than 90 per cent of human resources professionals search for unprotected social media profiles in order to assess a candidate's suitability.

What employers find online has huge implications on a job seeker's chance of even getting an interview, BusinessNewsDailyreported.

The study was based on surveys of 230 human resources professionals in the US and UK, and 4,400 job seekers between the ages of 18 and 25.

Researchers found that job candidates who display inebriated photos on their social media profiles reduce their chances of securing an interview by 84 per cent, while 90 per cent of human resources managers considered nude photos a reason to not set up an interview.

Other actions seen on social media that can cost job candidate an employment opportunity include evidence of obnoxious behaviour, negative or derogatory comments about a previous employer or extremist views about topics such as race.

Overall, nearly 50 per cent of the hiring managers surveyed have turned down a job applicant because of their online profile.

Tony Anscombe, the ambassador of free products for AVG Technologies, said the Internet, and social networks in particular, have changed the way that human resources professionals approach the recruitment process.

"Nowadays, online content posted about, or by a candidate, has become the modern-day equivalent of a first interview," Anscombe said.

It's not just Facebook that hiring managers are searching to find out about prospective candidates. The research shows other sites they turn to include Google, LinkedIn, Twitter, Instagram and Flickr.

POWER TRADING IN INDIA

POWER TRADING PROCESS: MANIKARAN POWER LIMITED 

What is Power Exchange? 
It is a common platform where buyers & sellers of Electricity come together for trade. This is a new concept of Power trading introduced in India under the approved guidelines of CERC.

What are the aims of Power Exchange?
To retrieve the excess generation from surplus region and transmit to a deficit region at a market clearing price (MCP). The MCP is discovered based on the principles of demand and supply. Prior to Exchange operation, this was done by electricity traders on negotiation basis.

Why Power Exchange is needed?
In market driven economy market forces are contradictory. Buyer wants low price, seller wants other wise. These conflicting forces determine the correct price of a commodity at a given time.
It is thus important that market forces must remain faceless and anonymous. Facelessness and anonymity creates a level field for all players.
In today’s scenario electricity is no more a service, it is a commodity. On an electronic power exchange, buyers and sellers of electricity from the length and breadth of the country can converge without revealing their identity.
For this we need a nation wide Electronic Power Exchange to allow the Electricity Market to be driven by genuine market forces of demand and supply.
Indian Energy Exchange (IEX) is the first power exchange in India. It serves as an optional, electronic, nationwide platform for trading of Electricity.

What Benefits does Exchange bring to the Electricity Market?

The Exchange has brought a true market driven economy in Electricity sector of India. Ours is a power deficit country, but some regions have surplus power because of abundant hydro potential or coal reserve. Today our country’s Transmission System is electrically integrated, therefore it is possible to transmit power from the most remote area of one region to the load center of any other region. In Pre-Exchange scenario this power trading was conducted purely on bilateral basis. Along with transmission losses and UI risks, payment uncertainties prevented the true market driven economy in electricity market. Power Exchange wipes off all these issues by:

• Empowering the Market to discover a uniform market clearing price (MCP) and market clearing volume (MCV).
• Evenly distributing transmission losses at both ends.
• Enabling participants to hedge against UI risks.
• Guaranteeing secure & timely payment to sellers.
• Generously improving the market environment to encourage investment in new generation capacity, thus helping make India a power-surplus country.    

Who are the promoters of the Indian Energy Exchange (IEX)?
Financial Technologies (India) Ltd (FTIL), Multi Commodity Exchange of India Ltd (MCX) shares its Exchange operations and management experience with IEX.

Who is the regulator of IEX?
Central Electricity Regulatory Commission (CERC).

What are the Modes of Power Trading?

• Long term PPA for 25 Years.
• Bulk Power supply agreement.
• Bilateral through power traders.
• Short term bilateral contracts where both Buyers & Sellers are identified before hand &   

      the prices are decided by negotiation.

• Through Power Exchange platform, where prices are discovered through competitive bidding and the power is sold to and brought from the single large countrywide pool.

What is Collective Transaction?

• Trading through Power exchange is called Collective transaction. Participants of Collective transaction enjoy priority in Scheduling over bilateral transaction application received within three days prior to the date of scheduling and up to 15:00 hrs of the one day before date of scheduling clubbed to-gather.
•  They also enjoy priority during curtailment due to sudden transmission Congestion over short term bilateral transaction.

What are the different modules of Electricity trading through Exchange?
At present Day-ahead. Anonymous, Simultaneous Competitive Bidding of Electricity Contracts on the Exchange with price determined from uniform pricing mechanism.
In future Week ahead, Fortnight ahead, Month ahead, Quarter ahead, Year ahead and 3 year ahead markets are envisaged.

What is the Contract Size?

• Minimum Volume                              = 1MWH
• Minimum Size                                    = 1Hr
• Minimum Bid Price: Tick Size          = Re. 1/MWH
• Minimum Volume: Tick Size             = 0.1MW

Who is Eligible for Trading at IEX Platform?

• Intended buyers & sellers shall have to go through an entity who has been admitted by Power Exchange as a registered member, by becoming their client.

What are the Preliminary Requirements for start of trade?

• Grid Connectivity either at 11KV, 33 KV, 66 KV, 132KV, 220 KV or 400 KV level.
• NOC from respective SLDC in prescribed format i.e. PX-I.
• Installation of special Energy meter & other auxiliary equipments as directed by

      SLDC, which records flow of energy, demand, Voltage & Average frequency at
      Fifteen Minute intervals.

• Depositing annual subscription of Rs. One Lac per financial year, to IEX, against  

      which IEX will provide a unique identification number which enables an applicant
      to start trading.

• Depositing the margin money to IEX which equals to the Last seven days average trading obligation (Applicable for Buyers only)

     
      . .

 
How the Power will Flow?
The power will flow through the existing STU/CTU network depending on the location of the entity's injection/drawl point.

Who will control or regulate the power flow?
The National Load Dispatch Centre (NLDC), Regional Load Dispatch Centre (RLDC) & State Load Dispatch centre (SLDC) controls and Regulates the power flow.

How Power is delivered?

• The Exchange prepares the schedule based on the ATC, MCP & MCV. The Final Schedule is given by the Power Exchange to the NLDC.The NLDC sends the Schedule to respective RLDC’s who incorporates the schedule in their schedule and send the same to respective SLDC's.SLDC delivers the schedule to concerned buyers or sellers. Once the schedule is delivered, it is deemed that power has been delivered.
• The actual injection/ drawl are recorded by the special energy meter installed at the point of injection / drawl. The meter reading   is collected through telemeter or by joint inspection.   

How Deviation from Schedule is settled?
Electricity is very dynamic in nature. Any devotion from the schedule is either payable/receivable by the client and is settled by the RLDC/SLDC under the UI mechanism. UI calculation is compiled by RLDC and certified by Regional Power Committee (RPC).  

What are UI Charges?

• It is the price of power at a particular grid frequency.
• Presently it varies from Rs 7.35/- per KWH at 49.22Hz to RS 0/- per KWH at 50.30 Hz.UI rate at less than or equeal to 49.2 Hz is Rs 10.30/- per KWH.

How Market Clearing Price (MCP) and Market Clearing Volume (MCV) is calculated?
Prices are governed by the principal of Demand Vs Supply at exchange platform. MCP Is the price of hourly electricity contracts established on IEX arrived at after considering all valid purchase and sale bids on unconstrained transmission network.

• All Purchase & Sale bids are aggregated to trace a demand supply curve.
• The bids and offer portfolio shall be assumed to be a sloping curve. All purchase bids can have only non-increasing quantity for every increase in bid price & every sale bid will have only non-decreasing quantity for every increase in bid price
• An example for calculation of Market Clearing Price (MCP) & Market Clearing Volume (MCV) is given below.

In the graph shown below:
(a) Demand curve is drawn by plotting the sum of purchase (buying) data (volume) against price. This curve has a slope downwards.
(b) Supply curve is drawn by plotting the sum of sale data (Volume) against price. This curve has a slope upwards.
(c) These two curves intersect at a point. This is the point of equilibrium. At this point price for both buying and selling is same.
d) If a perpendicular is drawn from point of equilibrium to price axis i.e. Y axis it will meet at a point on Y axis. Price representing this point is market clearing price (MCP)
(e) If a perpendicular is drawn from point of equilibrium to volume axis i.e X axis it will meet at a point on X axis. Volume up to this point represents Market clearing volume.
Mathematically it can be proved that the area under supply curve up to point of equilibrium taking X axis as base is equal to the area under demand curve from point of equilibrium to the high point of the curve taking the MCP line which is parallel to X axis, as base.
(f) All sale bides having price less then or equal to MCP value and all purchase bids having more than or equal to MCP value will be cleared for trade.

How financial settlement of trade is done?
Financial settlement is done by electronic transfer of funds between the clearing members & the Exchange.

•  The proceeds from sale of power are transferred to members settlement account by 2 P.M of the day following the day of delivery by IEX. The fund transfer to clients account is either through electronic money transfer system or by issuing cheque as preferred by the client.
• The buyers have to pay the amount of power purchased at MCP by 14.30 Hours of the day of bidding. 

What are the Trading Hour & Timeline?

• Trading session is 10am to 12 noon i.e. the clients bid will be accepted on the system during this period. After this it is our responsibility to take care of the rest of the formalities.
• Members will inform the buyers about the status of their bid by 12.30 P.M. If the buyers bid are provisionally accepted at Exchange platform, they should deposit the money to members account by 14:30 hours or else their bid will be rejected. If you are a seller we will let you know the Final MCP/MCV at 4.00 PM 

Timeline for Scheduling & Settlement


TIME	DETAILS
9.00 AM	Collection of ATC from NLDC/RLDC & display the information on IEX website and also to be used as an internal input (master) for scheduling.
10.00 AM to 12.00 PM	Bid - Call session
11.00 AM	Funds pay out pertaining to day before previous days transaction for sellers.
12.00 PM to 12.30 PM	Exchange to determine MCP & match the orders.
12.30 PM	PROVISIONAL MCP & MCV
12.30 PM to 1.00 PM	Communication to bank to Confirm & block the funds pay in from buyer member’s settlement account.
	Communication to NLDC/RLDC for transmission capacity.
1.30 PM	Exchange will receive confirmation from bank for availability & blocking of clear balance along with a note on shortages.
2.30 PM	In case if the member brings in funds in his settlement account afterwards (members who were reported as short), the bank will confirm it to the exchange.
3.30 PM	NLDC/RLDC will confirm the transmission capacity
4.00 PM	Exchange will generate FINAL MCP & MCV
4.00 PM to 4.30 PM	Dispute period
4.30 PM	File sent to banks for actual debits
	Exchange releases the trades schedule to the NLDC/SLDC
4.45 PM	Confirmation file received from bank
5.00 PM	NLDC/RLDC will confirm the final ATC & confirm the schedule if any

What are the responsibilities of a Member?
Members will provide following services to their clients:-

• IT infrastructure for bidding on electronic exchange platform
• Advisory advices related to power prices and the follow on bidding strategy (e.g weather related information, demand supply position etc.)
• Facilitation of procedures on behalf of his clients for delivery of power (e.g. SLDC standing clearances, co-ordination with NLDC etc.) We also provide additional received to our clients.
• Training And Client Grooming
• Market Monitoring And Client Alerting
• Facilitation of procedures on behalf of his clients for delivery of power (e.g. SLDC standing clearances, co-ordination with NLDC etc.) We also provide additional received to our clients.
What are the loses to be adjusted?

• In day ahead marked. Both buyers & sellers are to adjust the loses up to their regional periphery. RLDC will adjust the CTU & STU loses at the time of scheduling
What are the charges to be paid by the client?
Statutory Charges to be paid by the Client:
* Price for traded volume of electricity @ MCP discovered at IEX platform
* NLDC Application Fee @ Rs. 5000/- per day. (To be shared by the number of successful bidders on national basis. For example, Suppose number of successful bidders in national level = 50. So share of NLDC application fee for each successful bidder = Rs.5000/50)
* Applicable transmission charges for CTU lines @ Rs. 100 per MWH
* Applicable transmission charges for /STU lines. @ Rs 80 per MWH, if applicable and if not separately notified by the concerned SERC. In case the concerned SERC notifies the transmission charges separately the same shall be applicable.
* NLDC scheduling & operating charges Rs.5000 per day per entity involved.
(All buyers within a state shall be clubbed together into one group and all sellers within a state shall be clubbed together into another group .Each buyer group counted as regional entity buyers and each seller group counted as regional entity sellers).
Example:  Suppose No of successful buyers on regional basis = 7 and number of successful sellers on regional basis = 6 and number of successful bidders in national level = 16. Then Share of NLDC scheduling & operating charges for each successful bidder = (Rs.5000 X Regional Entity buyers + Rs.5000 X Regional entity sellers) / No of successful bidders.
  
* SLDC scheduling & operating charges Rs. 2000/- per day. (If applicable)
* Trading margin of IEX @ Rs. 10/MWH
IEX will pay the above amounts to the respective authorities and deduct or add the amount from/to the client obligation.