India's market regulator late on Wednesday issued an order against two officials of the country's federal power regulator alleging they traded on price-sensitive information in shares and derivatives of Indian Energy Exchange (IEX).
The Securities and Exchange Board of India (SEBI) said two officials at the Central Electricity Regulatory Commission (CERC), along with related persons, traded in IEX derivatives and shares ahead of a policy decision that was likely to affect the company.
The sensitive information was on impending implementation of "market coupling" in the country's power exchanges.
The policy change, announced by the CERC late on July 23, 2025, led to a 29.6% drop in IEX's share price the following day.
SEBI ordered 13 individuals to deposit 1.73 billion rupees ($19.68 million), which it described as their "ill-gotten gains."
It has also barred these entities from dealing in the securities market, the regulator said in its interim order.
CERC officials did not immediately respond to calls or messages seeking comment. The order was released outside regular working hours.
