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Note: These are AI-generated, educational summaries of public NSE
filings — grounded in each document, but not investment advice and possibly incomplete.
Verify against the original filing and consult a SEBI-registered adviser before acting.
65 announcements match the current filters (relevance ≥ 5).
IEX: CERC Clarifies July 2025 Market Coupling "Order" as "Directions" via Corrigendum
Indian Energy Exchange (IEX) has received a corrigendum from the Central Electricity Regulatory Commission (CERC) regarding its previous communication dated July 23, 2025. The CERC clarified that the term "Order" used in Petition No. 8/SM/2025, which pertains to the phased implementation of market coupling, should be read as "Directions." This nomenclature change applies to the heading, footer, and all internal references within the original publication. While the update is primarily administrative and technical in nature, it relates to the significant regulatory shift of market coupling that impacts IEX's business model.
Key Highlights
CERC issued a corrigendum on January 8, 2026, regarding Petition No. 8/SM/2025.
The term "Order" in the July 23, 2025, publication is officially replaced with "Directions."
The clarification affects all subsequent references to the July 2025 publication on market coupling.
The underlying regulatory matter involves the phased implementation of market coupling in the power sector.
This update follows IEX's initial disclosure on the matter made on July 24, 2025.
👀 What to Watch
Investors should view this as a technical legal clarification rather than a change in regulatory policy. The primary focus remains on the actual implementation timeline and impact of market coupling on IEX's market dominance.
IEX Clarifies on Share Price Movement Ahead of APTEL Hearing on Market Coupling
IEX has provided a clarification to the National Stock Exchange regarding a news report about its share price rise ahead of an APTEL hearing on January 6, 2026. The hearing involves IEX's challenge to the CERC's Suo-Motu Order dated July 23, 2025, which pertains to the implementation of market coupling norms. The company stated that the hearing is a public legal proceeding and that it has no undisclosed price-sensitive information. As the matter is currently sub judice, no final order has been passed that would have a material impact on the company's operations.
Key Highlights
NSE sought clarification on January 6, 2026, regarding news of share price volatility.
The APTEL hearing on January 6, 2026, challenges the CERC order dated July 23, 2025, on market coupling.
IEX confirmed that no unpublished price-sensitive information (UPSI) exists that could explain trading movement.
The company maintains that the share price movement is market-driven based on publicly available legal proceedings.
The matter remains sub judice with no immediate material impact reported as no final order has been issued.
👀 What to Watch
Investors should closely track the outcome of the APTEL hearing as market coupling is a critical regulatory factor for IEX's business model. Maintain a neutral stance until there is more clarity on the tribunal's final direction.
IEX Q3FY26 Traded Volume Up 11.9% YoY to 34.08 BU; RTM Grows 35.7%
IEX reported a total electricity traded volume of 34.08 BU for Q3FY26, representing an 11.9% year-on-year growth. The Real-Time Market (RTM) was a major driver, surging 35.7% YoY to 12,650 MU, while the Day-Ahead Market (DAM) saw a slight volume decline of 2.8%. Increased supply from hydro and coal led to a significant drop in market clearing prices, with DAM prices falling 13.2% to Rs 3.22/unit. For the 9-month period (9MFY26), total volumes crossed the 100 BU mark, reaching 101.68 BU with a 14.3% growth.
Key Highlights
Total electricity traded volume reached 101.68 BU in 9MFY26, a 14.3% YoY increase.
Real-Time Market (RTM) volumes grew by 35.7% YoY in Q3FY26 to 12,650 MU.
Average Day-Ahead Market (DAM) prices dropped 13.2% YoY to Rs 3.22/unit in Q3FY26.
Green Market volumes increased by 7.2% YoY in Q3FY26, reaching 2,647 MU.
Renewable Energy Certificate (REC) volumes declined 29.8% YoY in Q3FY26 to 18.63 lakh units.
👀 What to Watch
Investors should monitor how the strong volume growth in the Real-Time Market offsets the decline in Day-Ahead Market volumes and lower clearing prices. Watch for the upcoming quarterly financial results to confirm if these volumes translate into higher revenue from transaction fees.
IEX Electricity Volume Up 17.7% YoY in Nov'25, Reaching 11,409 MU
Indian Energy Exchange (IEX) announced a 17.7% year-on-year increase in electricity traded volume for November 2025, reaching 11,409 MU. The Real Time Market (RTM) volume saw a significant increase of 40.2% YoY, totaling 4,233 MU. The average Day Ahead Market (DAM) price decreased by 6.9% YoY to ₹3.07/unit, while the average RTM price fell by 9.2% YoY to ₹3.14/unit. Renewable Energy Certificate (REC) trading volume decreased by 13.1% YoY, with 4.74 lakh RECs traded.
Key Highlights
Electricity traded volume increased by 17.7% YoY to 11,409 MU in November'25.
Real Time Market (RTM) volume increased by 40.2% YoY to 4,233 MU.
Average Day Ahead Market (DAM) price decreased by 6.9% YoY to ₹3.07/unit.
Average RTM price decreased by 9.2% YoY to ₹3.14/unit.
4.74 lakh RECs were traded, a decrease of 13.1% YoY.
👀 What to Watch
Monitor IEX's trading volumes and prices in the coming months to assess the sustainability of these trends. Pay attention to REC trading volumes and prices as well.
IEX Associate Indian Gas Exchange (IGX) to Launch IPO via Offer for Sale
Indian Energy Exchange (IEX) has announced that its associate company, Indian Gas Exchange (IGX), has received board approval to initiate its Initial Public Offering (IPO) process as of December 02, 2025. The IPO is planned as an Offer for Sale (OFS) by existing and eligible shareholders, involving equity shares with a face value of ₹10 each. While the specific issue size and timing are yet to be determined, this move is intended to unlock value for IEX and other stakeholders. The IPO remains subject to market conditions and necessary regulatory clearances.
Key Highlights
IGX Board approved the commencement of the IPO process on December 02, 2025.
The IPO will be conducted through an Offer for Sale (OFS) by existing shareholders.
Equity shares involved in the proposed IPO have a face value of ₹10 per share.
Issue size, timing, and specific modalities will be finalized in due course subject to approvals.
👀 What to Watch
Investors should view this as a value-unlocking event for IEX and monitor future disclosures regarding the IPO valuation and the extent of IEX's stake sale.
