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(1) If any obligated entity fails to satisfy its renewable purchase obligation during any financial year, it shall purchase Certificates to make good such short fall.Subject to the terms and conditions in these Regulations, the certificates shall be the valid instruments for the discharge of the mandatory renewable purchase obligation of an obligated entity. [x x x x] [(2)] Subject to such direction as the Commission may issue from time to time, the obligated entity shall be bound to act consistent with the provisions of the REC Regulations, for the procurement of the certificates for fulfillment of the renewable purchase obligation under these Regulations. [(3)] The obligated entity, shall within two months after the end of every financial year, report the compliance of its Renewable Purchase Obligation of the respective year, including the details of the renewable energy certificates, if any, purchased for meeting the RPO and if directed by the Commission produce the same for verification and ascertaining the compliance. Omitted by No. 230/Con.Engg./2023/KSERC., Published in K.G.Ext. No. 2661 dt. 16/08/2024 (w.e.f. 01/04/2024). Prior to the Omission it read as "(2) If the quantum of renewable energy generated or purchased from solar sources by an obligated entity falls short of its solar renewable purchase obligation during any financial year, such obligated entity shall purchase the solar certificates, to make good such shortfall. (3) If the quantum of renewable energy generated or purchased by an obligated entity falls short of its non solar renewable purchase obligation, during any financial year, such obligated entity shall purchase non-solar certificates or solar certificates, to make good such short fall." Renumbered by No. 230/Con.Engg./2023/KSERC., Published in K.G.Ext. No. 2661 dt. 16/08/2024 (w.e.f. 01/04/2024). Prior to the Renumbering it read as "(4)" Renumbered by No. 230/Con.Engg./2023/KSERC., Published in K.G.Ext. No. 2661 dt. 16/08/2024 (w.e.f. 01/04/2024). Prior to the Renumbering it read as "(5)"