- 12:35 PM (IST) 9 Jan 2026Latest
The Electricity Appellate Tribunal (APTEL) on Friday, January 9, deferred the hearing in the Indian Energy Exchange vs Central Electricity Regulatory Commission case to January 19, 2026.
The matter relates to the plea filed by Indian Energy Exchange (IEX) challenging the July 2025 directions issued by the Central Electricity Regulatory Commission (CERC) on the implementation of market coupling in the day-ahead market (DAM).
During the hearing, APTEL reiterated that, as of now, market coupling will not be implemented until proper regulations are framed, while also noting that the tribunal cannot restrain the regulator from proceeding with the regulatory process. Further clarity on timelines and the framework is expected in the next hearing.
The case will now be taken up again on January 19, 2026.
- 11:23 AM (IST) 9 Jan 2026
The Electricity Appellate Tribunal on Friday observed that, for now, it is clear that the Central Electricity Regulatory Commission will not implement the market coupling system until proper regulations are put in place.
The tribunal further noted that it cannot restrain the regulator from framing regulations, making it clear that the regulatory process itself cannot be halted at this stage.
During the hearing, the counsel representing the Central Electricity Regulatory Commission told the tribunal that market coupling would be implemented only through regulations, and not otherwise.
The observations came during the hearing of the plea filed by Indian Energy Exchange challenging the July 2025 directions on day-ahead market coupling. Further clarity is awaited as the proceedings continue.
- 11:20 AM (IST) 9 Jan 2026
The Central Electricity Regulatory Commission’s counsel on Friday sought more time to respond on the possible withdrawal of the July 2025 market coupling directions, offering no immediate clarity on whether the regulator intends to roll back the decision.
Following the submission, the Electricity Appellate Tribunal resumed the hearing in the plea filed by Indian Energy Exchange challenging the coupling directions.
Meanwhile, IEX shares continued to trade under pressure.
Further updates are awaited as the hearing progresses.
- 10:39 AM (IST) 9 Jan 2026
Shares of Indian Energy Exchange staged a sharp intraday rebound on Friday as the hearing in the market coupling case got underway before the APTEL. After slipping sharply from the day’s highs earlier in the session, the stock recovered strongly and climbed around 7% from intraday lows.
At the time of writing, IEX was trading near Rs 152.6, up about 1.7%, after bouncing back from levels close to Rs 143–145. The stock had earlier seen heavy volatility amid submissions related to the July 2025 market coupling directions, before sentiment improved as the hearing commenced.
IEX shares continue to remain highly volatile as investors track every development from the ongoing proceedings.
- 10:37 AM (IST) 9 Jan 2026
IEX stock tumbles sharply, down about 12% from day’s highs
Shares of Indian Energy Exchange witnessed a sharp reversal during Friday’s session after early gains, sliding steeply as the hearing progressed. The stock fell nearly 12% from its intraday highs, reflecting heightened volatility around the market coupling case.
At the time of writing, IEX was trading around Rs 141.6, down over 5.5% for the day, after hitting an intraday high close to Rs 160 earlier in the session. The selling pressure intensified after submissions indicated that there would be no change to the July 2025 directions related to market coupling.
Investors remain cautious as clarity is awaited from the ongoing proceedings before the APTEL.
- 10:29 AM (IST) 9 Jan 2026
Here’s what the IEX plea seeks
Indian Energy Exchange has sought the withdrawal of the Central Electricity Regulatory Commission’s July 2025 order on day-ahead market (DAM) coupling, a move that has led to heightened volatility in the IEX stock since the directive was issued.
In its petition before the APTEL, IEX has argued that the CERC’s order is arbitrary in nature and violates the principles of natural justice. The exchange has further contended that implementing market coupling in the DAM will result in a loss of market share for existing power exchanges without delivering any conceivable or measurable benefits to the power market ecosystem.
- 9:33 AM (IST) 9 Jan 2026
Shares of Indian Energy Exchange were trading higher in early action on Friday as investor focus shifted to the crucial hearing in the market coupling case scheduled before the Electricity Appellate Tribunal at 10:30 AM.
The hearing assumes significance as the tribunal is expected to take up the petition filed by the Indian Energy Exchange challenging the Central Electricity Regulatory Commission’s July 2025 order on day-ahead market (DAM) coupling. The regulatory move had triggered sharp volatility in the IEX stock after it was announced.
What is the case about
Indian Energy Exchange has sought the withdrawal of the CERC’s July 2025 order, arguing that the decision is arbitrary and violates the principles of natural justice. In its petition, the exchange has contended that market coupling would lead to a loss of market share for existing power exchanges without offering any tangible or demonstrable benefits to the power market ecosystem.
The company has also maintained that the order was passed without adequate consultation and has questioned the rationale behind implementing coupling in the day-ahead market.
Developments in the previous hearing
During the last hearing held on January 6, the counsel representing the CERC informed the tribunal that the regulator is willing to take instructions from the APTEL regarding the possible withdrawal of the July 2025 order. Following submissions from both sides, the counsels sought additional time, after which the tribunal fixed January 9 as the next date of hearing.
Importantly, the APTEL observed that if the CERC communicates its intent to withdraw the order, the tribunal could close the matter on Friday itself, making today’s proceedings critical for all stakeholders involved.
Insider trading remarks
On the issue of the sharp fall in IEX shares following the July order and the exchange’s claims citing Securities and Exchange Board of India guidelines on insider trading, the tribunal made strong observations. The APTEL stated that it expects the CERC to function independently and remain above any suspicion. The CERC, in turn, said that if there is anything amiss, it would be willing to inquire into the matter and take appropriate action to ensure such an incident does not recur.
Further updates are expected as the hearing progresses.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.