IEX Share Price in Focus as APTEL Sets Next Hearing for January 6, 2026, in Market Coupling Case

As per news report, The Electricity Appellate Tribunal (APTEL) has confirmed January 6, 2026, as the next date for hearing the Indian Energy Exchange’s (IEX) case against the Central Electricity Regulatory Commission’s (CERC) market coupling order, following ongoing legal proceedings and corruption claims. 

Allegations and Tribunal’s Response 

During a hearing on November 28, 2025, IEX submitted that a report by the market regulator highlighted insider trading involving certain CERC officials. The claimed illegal gains from these activities totalled ₹173 crore.  

APTEL acknowledged these serious allegations, noting that if substantiated, they could undermine the credibility of an independent regulatory body. Therefore, the tribunal expressed the need for expedited legal scrutiny before any new regulations are enforced. 

IEX Position Against Market Coupling Norms 

IEX is actively contesting the CERC order that mandates market coupling in the day ahead market (DAM) as per the Power Market Regulations, 2021. According to IEX, such a move would compromise its market leadership, disrupt a 17-year established regulatory structure, and offer no evident benefits.  

IEX also indicated that the SEBI report links the coupling directives to potential manipulation of IEX share prices. 

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Understanding Market Coupling and Impact on IEX 

As per the July order, market coupling would be implemented in stages with DAM as the initial focus. Multiple power exchanges would rotate as Market Coupling Operators (MCOs), consolidating buy and sell orders to find a uniform clearing price.  

Grid India will perform oversight and software development roles. For IEX, with nearly 85% spot market share, this dilution of exclusive pricing insights could dent its competitive edge. 

Case Progression and Timeline 

Following the July announcement, IEX formally challenged the order in August. By October, APTEL instructed IEX to revise its plea to include other stakeholders like Power Exchange India and Hindustan Power Exchange.  

With members recusing themselves during the October 30 hearing, the matter was postponed to November 28, when the serious ethical concerns were raised, prompting the next hearing date to be fixed for January 6, 2026. 

Indian Energy Exchange Share Price Performance    

As of November 28, 2025, at 1:53 PM, Indian Energy Exchange share price on NSE was trading at ₹138.96 down by 1.38% from the previous closing price. 

Conclusion 

The IEX market coupling case continues to create ripples across the power trading ecosystem in India. As the matter moves to the next judicial phase in January 2026, APTEL must weigh the regulatory concerns raised and evaluate the wider implications of CERC’s proposed reforms. 

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