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Indian Energy Exchange (IEX) shares fall on report of CERC proposing rules for market coupling

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By Upstox News Desk

2 min read | Updated on April 20, 2026, 09:53 IST

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SUMMARY

As per the draft regulations proposed by CERC, the Grid India will act as the market coupling operator (MCO), which will aggregate bids from all exchanges.

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IEX
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Indian Energy Exchange

Indian Energy Exchange shares fell as much as 6.2% to hit an intraday low of ₹127.43 on the NSE. | Image: Shutterstock

Shares of Indian Energy Exchange (IEX) fell as much as 6.2% to hit an intraday low of ₹127.43 on the National Stock Exchange (NSE) on Monday, April 20, after a CNBC TV18 report suggested that Central Electricity Regulatory Commission (CERC) in a draft regulations for power market, proposed a framework for market coupling. On the BSE, IEX shares dropped as much as 6% to hit a low of ₹127.50.
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As per the draft regulations proposed by CERC, the Grid India will act as the market coupling operator (MCO), which will aggregate bids from all exchanges. The MCO will then determine a uniform market clearing price for the system, CNBC TV18 reported.

While power exchanges will continue to collect bids, they will not determine the prices post-coupling, as per the draft release.

Earlier this year in February, the Appellate Tribunal for Electricity (APTEL) had dismissed the petition filed by IEX, seeking quashing of the CERC's directive on market coupling issued in July 2025.

What is market coupling?

Market coupling is an economic model used in energy markets to create a single, uniform price for electricity across different trading platforms.

Under this mechanism, bids and offers collected from all power exchanges are aggregated and cleared together, resulting in one market-clearing price for the day-ahead or real-time markets.

Currently, IEX acts as India’s leading platform for spot electricity price discovery.

According to CERC, the objectives of market coupling are: discovery of a uniform market clearing price for day-ahead or real-time markets; optimal use of transmission infrastructure; and maximisation of economic surplus across buyers and sellers.

Under the phased rollout, the day-ahead market segment will transition to a round-robin market coupling model by January 2026.

The term-ahead and real-time markets will be integrated later, following pilot studies and consultations, according to CERC.

As of 9:41 am, IEX shares traded 4.68% lower at ₹129.45, underperforming the NIFTY 500 index which was down 0.32%.

Disclaimer: This article is purely for informational purposes and should not be considered investment advice from Upstox. Please consult with a financial advisor before making any investment decisions.

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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