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What is the story about?
Shares of Indian Energy Exchange (IEX) are recovering from the lows of the day on Monday, January 19, after the CERC told the Electricity Appellate Tribunal (APTEL) that they will not implement market coupling till proper regulations are in place.
The stock had declined from the highs of the day after the Power Minister Manohar Lal Khattar said earlier in the day, that there was no change in the government's stance on market coupling.
The Electricity Appellate Tribunal (APTEL) is currently hearing the market coupling matter later today.
APTEL is hearing IEX's plea seeking the withdrawal of the Central Electricity Regulatory Commission’s (CERC) July 2025 directive on day-ahead market coupling.
In the previous hearing, the tribunal had sought clarity from CERC on whether it intended to withdraw the directive, though no conclusion was reached at that stage.
Ahead of the hearing, CERC issued a circular stating that its July 2025 communication should be treated as a “direction” rather than an “order”.
IEX has argued that the CERC directive is arbitrary and violates principles of natural justice, contending that market coupling would only result in a loss of market share without delivering any tangible benefits.
Earlier, on January 6, CERC’s counsel informed APTEL that the regulator was willing to take instructions from the tribunal to withdraw the July 2025 directive.
Subsequently, the counsels sought additional time, prompting APTEL to schedule January 9 as the next hearing date. The tribunal observed that if CERC formally conveyed its intent to withdraw the directive, the matter could be closed the same day.
During a hearing on November 28, IEX had also referred to a Securities and Exchange Board of India (SEBI) report alleging that certain CERC officials were involved in insider trading and had made illegal gains of ₹173 crore.
IEX told the tribunal that the market coupling directive, which triggered a 29% fall in its share price in a single session, was part of an alleged insider trading conspiracy.
The exchange further claimed that the directive was tainted and noted that the market regulator had identified the author of the market coupling proposal.
The stock had declined from the highs of the day after the Power Minister Manohar Lal Khattar said earlier in the day, that there was no change in the government's stance on market coupling.
The Electricity Appellate Tribunal (APTEL) is currently hearing the market coupling matter later today.
APTEL is hearing IEX's plea seeking the withdrawal of the Central Electricity Regulatory Commission’s (CERC) July 2025 directive on day-ahead market coupling.
In the previous hearing, the tribunal had sought clarity from CERC on whether it intended to withdraw the directive, though no conclusion was reached at that stage.
Ahead of the hearing, CERC issued a circular stating that its July 2025 communication should be treated as a “direction” rather than an “order”.
IEX has argued that the CERC directive is arbitrary and violates principles of natural justice, contending that market coupling would only result in a loss of market share without delivering any tangible benefits.
Earlier, on January 6, CERC’s counsel informed APTEL that the regulator was willing to take instructions from the tribunal to withdraw the July 2025 directive.
Subsequently, the counsels sought additional time, prompting APTEL to schedule January 9 as the next hearing date. The tribunal observed that if CERC formally conveyed its intent to withdraw the directive, the matter could be closed the same day.
During a hearing on November 28, IEX had also referred to a Securities and Exchange Board of India (SEBI) report alleging that certain CERC officials were involved in insider trading and had made illegal gains of ₹173 crore.
IEX told the tribunal that the market coupling directive, which triggered a 29% fall in its share price in a single session, was part of an alleged insider trading conspiracy.
The exchange further claimed that the directive was tainted and noted that the market regulator had identified the author of the market coupling proposal.
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