Market coupling is an economic model used in energy markets to create a single, uniform price for electricity across different trading platforms or exchanges, diluting IEX's dominant position.

At the scheduled hearing on 9 January 2026, APTEL concluded proceedings for the day and deferred further hearing in the market coupling case to Monday, 19 January 2026.

Ahead of the hearing, CERC issued a circular clarifying that its July 2025 communication should be treated as a “direction” rather than an “order.” In its petition, IEX has argued that the CERC direction is arbitrary, violates principles of natural justice, and would result in a loss of market share without delivering any tangible benefits.

During an earlier hearing on 28 November, IEX had cited a Securities and Exchange Board of India (SEBI) report alleging that certain CERC officials had indulged in insider trading.

Meanwhile, the company clarified that media reports on the market coupling issue were based on a routine hearing before APTEL and that no fresh order had been passed. IEX further stated that the stock price movement was market-driven and that all developments, including CERC’s corrigendum to its earlier direction, had already been disclosed to the exchanges.

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.

The company’s consolidated net profit jumped 13.9% to Rs 123.35 crore on 10.4% increase in revenue from operations to Rs 153.92 crore in Q2 FY26 over Q2 FY25.