IEX Share Price Jump Over 5%; APTEL to Hear Market Coupling Case on Jan 9

The Appellate Tribunal for Electricity (APTEL) is scheduled to hear the market coupling case on Friday, January 9 at 10:30 AM, in a key development concerning the ongoing dispute between the Indian Energy Exchange (IEX) and the Central Electricity Regulatory Commission (CERC) over the regulator’s July 2025 day-ahead market (DAM) coupling order.

Background: IEX Challenges CERC’s Market Coupling Order

The issue arose when CERC issued its directive on day-ahead market coupling in July 2025, a move that impacted exchange operations and caused significant volatility in IEX’s stock. IEX has approached APTEL seeking a full withdrawal of the order, claiming it is arbitrary, violates principles of natural justice, and will offer no tangible benefits. The exchange argued that the coupling directive would reduce its market share without improving market efficiency or transparency.

CERC Indicates Willingness to Withdraw Order

On January 6, CERC’s lawyer informed APTEL that the regulator is ready to follow the tribunal’s instructions regarding withdrawal of the July 2025 order. Following legal submissions, APTEL deferred the matter to January 9 and observed that if CERC confirms its intention to withdraw the order, the tribunal could close the case on the same day.

APTEL Addresses Stock Volatility and Insider Trading Concerns

The tribunal also addressed concerns over sharp declines in IEX’s stock following the CERC order in July. IEX had cited SEBI findings suggesting potential insider trading during the period. APTEL emphasised that it expects CERC to remain independent and above suspicion, while CERC stated that any irregularities would be investigated and corrective action taken to prevent recurrence.

Implications of the Case

The outcome of Friday’s hearing could have far-reaching implications. For IEX, a withdrawal of the order would safeguard its market share and operational framework. For CERC, it would reaffirm regulatory credibility and demonstrate responsiveness to stakeholder concerns. Market participants would gain clarity on the structure and pricing mechanisms of India’s day-ahead power markets, crucial for liquidity and efficiency.

IEX Shares Rally Ahead of Hearing

Investor sentiment turned positive ahead of the upcoming hearing, driving IEX shares sharply higher in early trade. As of Jan 09, 2026, 10:12, Indian Energy Exchange was trading at ₹157.99, up ₹7.90 or 5.26% from the previous close.

Over the past week, the stock has gained 17.58% However, the one-year return remains negative at -8.70%, reflecting the regulatory overhang and uncertainty caused by the CERC order. On a longer-term basis, the stock has delivered significant returns over five years (+112.34%), highlighting its strong performance despite recent volatility.