Indian Energy Exchange (IEX), a leading power trading platform in India, has announced its plans to review its second quarter results on October 30, 2025. This announcement comes as part of the company's commitment to transparency and regulatory compliance.

Key Details

Trading Window Closure

The company has disclosed that its trading window for dealing in IEX shares is currently closed. This closure is in line with regulatory requirements to prevent insider trading. The trading window will reopen 48 hours after the declaration of the financial results.

Regulatory Compliance

This announcement adheres to Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. It demonstrates IEX's commitment to keeping its shareholders and the market informed about significant corporate events.

Investor Information

Investors and interested parties can find more information about this announcement and other company updates on IEX's official website: www.iexindia.com .

The Q2 results may provide insights into the company's performance and the overall trends in India's power trading sector.

In a significant development in the Indian stock market, the Securities and Exchange Board of India (SEBI) has uncovered a major insider trading case involving shares of Indian Energy Exchange (IEX). The regulatory body's investigation revealed a scheme where eight individuals illegally profited a staggering Rs 173 crore through insider trading.

The Insider Trading Scheme

The insider trading scheme centered around the purchase of put options on IEX shares just before a substantial market event. The stock experienced a dramatic crash of nearly 30%, leading to significant gains for the involved traders. What raised suspicions was that none of these individuals had any prior trading history with the company.

Key Players and Profits

The investigation identified Bhoovan Singh as the leader of the group, who alone amassed over Rs 72 crore in illicit gains. The scheme involved a total of eight individuals, whose profits are summarized in the table below:

The Source of the Leak

SEBI's investigation traced the leak to confidential information from Central Electricity Regulatory Commission (CERC) meetings. The leaked information pertained to market coupling policy decisions made in July. Two CERC officials were implicated in the leak, with substantial evidence pointing to their involvement.

Evidence and Modus Operandi

The investigation uncovered damning evidence against the perpetrators:

• Bhoovan Singh was found to have access to internal CERC documents.
• Evidence showed Singh searching online for ways to profit from insider information.
• Sanjeev Kumar, another implicated individual, visited CERC headquarters eight days before the policy announcement.
• Kumar photographed himself watching a confidential board meeting and shared it in a WhatsApp group.

Detection and Consequences

The suspicious trades were initially flagged by the National Stock Exchange (NSE). Although the perpetrators attempted to delete message histories, backup evidence remained, leading to SEBI's successful investigation. As a result, SEBI has barred all eight individuals involved in the scheme.

Corporate Governance Implications

This case highlights the ongoing challenges in maintaining market integrity and the importance of robust regulatory oversight. It also underscores the need for stringent internal controls within regulatory bodies to prevent leaks of market-sensitive information.

This case serves as a stark reminder of the severe consequences of insider trading and the vigilance required to maintain fair and transparent markets. It also reinforces the effectiveness of regulatory bodies like SEBI in detecting and penalizing such illicit activities, crucial for maintaining investor confidence in the Indian stock market.