Kolkata, Nov 2 (IANS): The group of ministers (GoMs) deliberating the appointment of a coal regulator may come up with its final recommendations on the powers and functions of the proposed independent body within a month, Coal Minister Sriprakash Jaiswal has said.

The union cabinet in May this year discussed the proposal for a coal regulator and asked the GoMs, headed by Finance Minister P. Chidambaram, to make recommendations about its powers and functions.

"Within a month, the next meeting will be held under the chairmanship of Chidambaram. I think in one or two meetings it (setting up of the coal regulator) would be decided," Jaiswal said at a programme organised by the Coal India Limited (CIL) here Thursday evening.

Within a month, the GoMs might come up with its final recommendations, the minister said.

Independent regulation of the coal sector is considered important for competitiveness of e-auction, fixing guidelines for price revision in supply pacts, fixing trading margins and increasing transparency in allocation of reserves.

A coal regulator was recommended in the country's Integrated Energy Policy, as well as by the T.L. Shankar Committee on the coal sector reforms.

Jaiswal said the Inter-Ministerial Group (IMG) on coal blocks would meet Nov 5 and 6 to give its review report regarding the 31 mines allocated to public sector companies for captive use.

The central government had formed the IMG in July to review the coal blocks allocated to a number of companies for captive use.