IEX Shares Rise Ahead of APTEL Hearing on CERC Market Coupling Norms

On January 6, 2026, Indian Energy Exchange shares (IEX share price) rose, as the company awaited the Electricity Appellate Tribunal (APTEL) hearing on the market coupling norms issued by CERC. In addition, the company also shared its Q3 business update on Monday.

During the previous hearing on 28 November 2025, the tribunal expressed concern over allegations raised against the regulator, stating that if proven true, they “would cast a cloud on the functioning of an independent regulator.” The tribunal emphasised the need for an early hearing, prior to the notification of the regulations.

IEX’s Legal Plea

IEX has petitioned the tribunal to set aside the CERC order on market coupling and requested a stay on its implementation until the case is resolved.

The exchange argues that the order is arbitrary and violates natural justice, claiming it will lead to loss of market share without delivering tangible benefits. IEX also contends that the CERC order disrupts a regulatory framework that has evolved over the past 17 years.

Also Read: IEX Power Trading Volumes Grow 11% Year-on-Year in October–December Quarter

What the CERC Norms Propose?

In July 2025, CERC approved the market coupling norms for the Day-Ahead Market (DAM) under the Power Market Regulations of 2021.

• Phase 1: DAM coupling is expected to be implemented by January 2026. Different power exchanges will act as Market Coupling Operators (MCOs) on a round-robin basis.
• An MCO collects all buy and sell orders from all exchanges, aggregates them, and determines a uniform market clearing price across platforms.
• CERC staff will conduct stakeholder consultations and propose the required regulatory amendments.
• Grid India will serve as the fourth MCO for backup and audit purposes, develop software for term-ahead market coupling, run a three-month shadow pilot, and provide feedback.
• Real-time market coupling will be considered later, after DAM implementation, as it requires further regulatory and operational assessment.

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