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The Central Electricity Regulatory Commission (CERC) has filed the final affidavit with the Appellate Tribunal for Electricity (APTEL) in the market coupling case, calling the Indian Energy Exchange (IEX) Ltd. 'monopolistic'.
It termed the plea an attempt to "preserve entrenched market power" through litigation.
The CERC affidavit states that the IEX's plea against coupling direction is not maintainable and cannot be used to stall the process The appeal is possible only against an 'order', it added. The CERC had retrospectively re-classified the coupling 'order' into a 'direction'.
It said the coupling 'direction' is only a part of a consultative and pre-legislative process. The 'direction' is only for initiating the process of market coupling, it stated.
The affidavit stated that the Securities and Exchange Board of India (SEBI) passed an order ex-parte, with no material allegations against the CERC process and no allegations against its members.
It said IEX is linking its concerns against coupling with SEBI's insider trading order to interdict CERC regulation-making power.
The affidavit added that CERC had already initiated action and the investigation against the offers named by SEBI in insider trading was on.
Following this development, IEX shares surged over 4%. The stock was up 4.2% at 126 apiece around 2.52 pm on Monday.
Also Read: Zydus Life shares gain 5% as Q3 results beat estimates; Revenue, EBITDA up around 30% each
It termed the plea an attempt to "preserve entrenched market power" through litigation.
The CERC affidavit states that the IEX's plea against coupling direction is not maintainable and cannot be used to stall the process The appeal is possible only against an 'order', it added. The CERC had retrospectively re-classified the coupling 'order' into a 'direction'.
It said the coupling 'direction' is only a part of a consultative and pre-legislative process. The 'direction' is only for initiating the process of market coupling, it stated.
The affidavit stated that the Securities and Exchange Board of India (SEBI) passed an order ex-parte, with no material allegations against the CERC process and no allegations against its members.
It said IEX is linking its concerns against coupling with SEBI's insider trading order to interdict CERC regulation-making power.
The affidavit added that CERC had already initiated action and the investigation against the offers named by SEBI in insider trading was on.
Following this development, IEX shares surged over 4%. The stock was up 4.2% at 126 apiece around 2.52 pm on Monday.
Also Read: Zydus Life shares gain 5% as Q3 results beat estimates; Revenue, EBITDA up around 30% each
