Indian energy exchange Limited has scheduled a board meeting for January 29, 2026, to deliberate on key financial matters including quarterly results and dividend considerations. The announcement, made on January 21, 2026, outlines the company's compliance with regulatory requirements under SEBI listing obligations.

Board Meeting Agenda

The board meeting will address two primary agenda items as per the company's regulatory filing:

The meeting will focus on reviewing the company's performance for the third quarter of FY26, with the board examining both standalone and consolidated financial statements along with the limited review report.

Dividend Proposal and Record Date

The company has proposed considering an interim dividend for the financial year 2025-2026. Should the board approve the dividend proposal, shareholders and beneficial owners will need to be registered as of the record date to be eligible for the dividend payment.

The record date of February 4, 2026, will determine the eligibility of members and beneficial owners for receiving the interim dividend, contingent upon board approval.

Trading Window Status

In compliance with regulatory requirements, the company has confirmed that the trading window for dealing in its shares is currently closed. The trading window will reopen 48 hours after the declaration of the financial results, ensuring adherence to SEBI guidelines regarding insider trading restrictions during the results announcement period.

Regulatory Compliance

The announcement has been made pursuant to Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has informed both BSE Limited and National Stock Exchange of India Limited about the scheduled board meeting and its agenda items.

The information will be made available on the company's official website at www.iexindia.com , ensuring transparency and accessibility for all stakeholders. The filing was signed by Vineet Harlalka, CFO, Company Secretary & Compliance Officer, maintaining proper corporate governance protocols.

Indian Energy Exchange (IEX) has intensified its legal challenge against the Central Electricity Regulatory Commission's (CERC) market coupling directive, telling the Electricity Appellate Tribunal (APTEL) that the parameters used for passing the coupling order are fundamentally wrong. This latest development comes as APTEL has made significant observations about regulatory integrity, emphasizing that regulators' house must be in order and must be above suspicion.

IEX's Challenge to Coupling Parameters

In the latest proceedings before APTEL, IEX has directly challenged the foundational basis of CERC's market coupling directive. The exchange has argued that the parameters and criteria used by CERC for passing the coupling order are incorrect and flawed. This represents a significant escalation in IEX's legal strategy, moving beyond procedural objections to questioning the substantive grounds of the regulatory decision.

APTEL's Regulatory Integrity Concerns

APTEL has underscored the fundamental principle that regulatory bodies must maintain the highest standards of integrity and transparency. The tribunal's observation that "regulators house must be in order must be above suspicion" highlights the critical importance of regulatory credibility in the electricity trading sector. This statement gains particular significance given the ongoing allegations against CERC officials and the broader implications for market confidence.

CERC's Implementation Stance

In a significant procedural development, CERC's counsel has clarified the commission's position on implementing the controversial market coupling directive. The counsel informed APTEL that CERC will not proceed with implementing the market coupling order without establishing proper regulations first. This statement provides clarity on the implementation timeline and suggests a more measured approach to the disputed directive, even as the Power Minister maintains an unwavering stance on market coupling policy.

Insider Trading Allegations Impact

The case has been significantly complicated by serious allegations of regulatory misconduct. IEX has referenced a Securities and Exchange Board of India (SEBI) report that allegedly implicated certain CERC officials in insider trading activities. According to the exchange's submissions, these officials reportedly made illegal gains through their trading activities, raising questions about regulatory integrity that align with APTEL's recent observations.

Market and Legal Implications

IEX's challenge to the parameters of the market coupling order, combined with APTEL's emphasis on regulatory integrity and CERC's conditional implementation stance, creates a complex legal and regulatory landscape. The tribunal's observation about regulators being above suspicion directly addresses the credibility concerns raised by the insider trading allegations. The outcome of this dispute could have far-reaching consequences for the Indian electricity trading market, potentially setting important precedents for regulatory accountability and the standards required for major market structure changes.