IEX Market Coupling Case Highlights: Stock falls over 7%, APTEL schedules next hearing for Jan 19

The tribunal has concluded the hearing for the day. It was hearing the Indian Energy Exchange’s (IEX) plea, seeking withdrawal of the Central Electricity Regulatory Commission’s (CERC) July 2025 order on day-ahead market (DAM) coupling. The order triggered significant volatility in the IEX stock.

APTEL on Friday sought clarity from CERC regarding the withdrawal of the order, which was not reached upon at the end of this hearing.

Prior to the hearing, the CERC had issued a circular stating that its July 2025 order be addressed as a “direction” and not an “order”.

The IEX petition claims that the CERC order is arbitrary and violates the principles of natural justice. It claims that the coupling order will only lead to the loss of market share without any conceivable benefits.

The CERC lawyer on January 6 told the APTEL that they are ready to take instructions from the tribunal to withdraw its July 2025 order.

The counsels sought more time and APTEL set January 9 as the next date for the hearing. APTEL observed that if the CERC informs it about the potential withdrawal of the order, the tribunal will close the case on Friday itself.

With regards to the sharp fall in IEX’s stock after the CERC order in July and the exchange’s claims, citing SEBI, of insider trading, APTEL said it expects CERC to be independent, above suspicion. If there is something amiss, the CERC said it would like to inquire and take action to avoid a repeat of the incident.