On Monday, the inventory witnessed uneven strikes after the CERC counsel advised the APTEL bench that they won’t implement market coupling until correct rules are in place.
Earlier within the day, Energy Minister Manohar Lal Khattar had stated that there was no change within the authorities’s stance on market coupling.
APTEL is listening to IEX’s plea looking for the withdrawal of the Central Electrical energy Regulatory Fee’s (CERC) July 2025 directive on day-ahead market coupling.
Within the earlier listening to, the tribunal had sought readability from CERC on whether or not it meant to withdraw the directive, although no conclusion was reached at that stage.
Forward of that listening to, CERC issued a round stating that its July 2025 communication must be handled as a “course” slightly than an “order”.
IEX has argued that the CERC directive is bigoted and violates rules of pure justice, contending that market coupling would solely lead to a lack of market share with out delivering any tangible advantages.
Earlier, on January 6, CERC’s counsel knowledgeable APTEL that the regulator was keen to take directions from the tribunal to withdraw the July 2025 directive.
Subsequently, the counsels sought further time, prompting APTEL to schedule January 9 as the subsequent listening to date. The tribunal noticed that if CERC formally conveyed its intent to withdraw the directive, the matter might be closed the identical day.
Throughout a listening to on November 28, IEX had additionally referred to a Securities and Trade Board of India (SEBI) report alleging that sure CERC officers have been concerned in insider buying and selling and had made unlawful features of ₹173 crore.
IEX advised the tribunal that the market coupling directive, which triggered a 29% fall in its share worth in a single session, was a part of an alleged insider buying and selling conspiracy.
The alternate additional claimed that the directive was tainted and famous that the market regulator had recognized the writer of the market coupling proposal.
Shares of IEX are buying and selling 2.6% decrease on Monday at ₹133.42. The inventory is down 23% within the final 12 months.
