The only missing components to fully begin reserve market operations is the Energy Regulatory Commission’s (ERC) approval of the price determination methodology (PDM) and the conduct of the trial operations program (TOP).

Source: https://business.inquirer.net/407420/trial-run-for-power-reserve-market-begins

With the changes in the pricing formula, data of the Indian crude basket price from the previous month would form the basis for APM gas price determination.

Source: https://indianexpress.com/article/explained/explained-economics/changes-domestic-gas-pricing-formula-math-rationale-consumers-affected-8544231/