Emission Trading using Particulate Matter as marker pollutant from industrial point sources has been taken up first time in the country. The activity involves use of Continuous Emissions Monitoring Systems (CEMS) for real time assessment of emission concentration vis-à-vis emission load. This initiation would help to gather real time information on pollution load from the stationary sources, which in turn put all the stake holders including regulators on step forward to plan regulatory reforms and keep vigil and ensure the implementation of the regulation more transparently and effectively. The Ministry of Environment and Forests has initiated an important project to design and evaluate a pilot emissions trading scheme (ETS) for particulate matter from stationary sources, being launched in three states: Gujarat, Maharashtra and Tamil Nadu wherein the Central Pollution Control Board is working as Nodal Agency for overall implementation of the program. This report presents specifications and guidelines for the use of Continuous Emissions Monitoring Systems, including technique for calibration of CEMS along with QA-QC objectives for data quality. The document also describes and demonstrates the CEMS selection and guiding principles for smooth and easy operation of systems in a uniform & systematic way.