IEX has been given a week to submit the revised petition, while the respondents have been asked to file their replies before the next hearing scheduled for October 30, 2025.
The exchange had moved the tribunal in August, challenging the Central Electricity Regulatory Commission’s (CERC) July 23 order that called for a stage-gated implementation of market coupling on the country’s electricity trading platforms.
The order had triggered a sharp selloff in IEX shares, which fell nearly 30% overnight in Mumbai trade.
In its petition, IEX argued that the CERC’s suo motu directive was “arbitrary”, violated power market norms, and contradicted the principles of natural justice. The regulator had directed that market coupling be implemented in a phased manner starting January 2026, beginning with the Day-Ahead Market (DAM), and extended to the Real-Time Market after operational experience is gained.
Earlier in July, IEX Joint Managing Director Rohit Bajaj had told CNBC-TV18 that while coupling in the real-time markets would come at a later stage, the ongoing trial was limited to the Day-Ahead Market.
He also acknowledged that the new framework would have a business impact on the exchange.
