The proposal is part of the ‘Central Electricity Regulatory Commission (Power Market) (Second Amendment) Regulations, 2026’. Stakeholder comments have been invited until 16 May 2026.

As per the framework, power exchanges will collect bids in a standard format and share them with the operator. Price discovery will eventually move to a centralised system. Exchanges can continue current practices until rollout.

Market coupling is aimed at improving efficiency and ensuring uniform pricing.

The move is seen as a structural change for the sector. IEX currently dominates the market. It had earlier challenged the proposal, but its plea was rejected.

The stock has fallen 32.44% over the past year. The proposed framework remains an overhang for the stock.

IEX is India's premier electricity exchange providing a nationwide, automated trading platform for physical delivery of electricity, renewable power, renewable energy certificates and energy-saving certificates.

On a consolidated basis, the company reported an 11.01% increase in net profit to Rs 119.11 crore in Q3 FY26, compared with Rs 107.29 crore in Q3 FY25. Revenue from operations rose 10.31% year-on-year (YoY) to Rs 145.67 crore in the quarter ended 31 December 2025.