Shares of Indian Energy Exchange (IEX) remained under pressure after the Electricity Appellate Tribunal (APTEL) adjourned the market coupling hearing scheduled for Tuesday, January 20.
According to latest updates, APTEL has now adjourned the IEX market coupling hearing to Wednesday, January 21. The adjournment comes amid ongoing legal uncertainty surrounding the Central Electricity Regulatory Commission’s (CERC) July 2025 directive on day-ahead market coupling.
The tribunal is hearing IEX’s plea seeking withdrawal of the market coupling directive issued by the Central Electricity Regulatory Commission (CERC). IEX has argued that the directive is arbitrary, violates principles of natural justice, and could lead to a loss of market share without providing any tangible benefit to the power market.
In earlier hearings, APTEL had sought clarity from CERC on whether it intended to withdraw the directive. While CERC’s counsel had previously indicated that market coupling would not be implemented until proper regulations are framed, no final decision has yet been communicated to the tribunal. Ahead of prior hearings, CERC also stated that its July 2025 communication should be treated as a “direction” rather than an “order”.
The matter has remained unresolved despite multiple hearings, keeping investors cautious. The next hearing on January 21 is expected to be closely watched, as any indication from CERC on withdrawing or modifying the directive could influence the outlook for IEX shares.
Until greater regulatory clarity emerges from the APTEL proceedings, the market is likely to remain sensitive to developments around the market coupling framework.