How to change the Time of MiCOM P543 to the local time.

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First of all, you need to check the setting of date & time in setting file of MiCOM P543. Also check the Time zone setting in the setting file.
The time synchronization source i.e. the SNTP server, the time zone should be of local for example India has a time zone of UTC+5:30.
As once the relay is being Synchronized with the GPS, it will take the time from the SNTP server that you have configured in the MCL file.