SEBI investigates CERC officials over IEX insider trading allegations

SEBI examined whether specific individuals traded based on unpublished price-sensitive information (UPSI) concerning a Central Electricity Regulatory Commission (CERC) order on market coupling.

Who it concerns: Bhoovan Singh, Amar Jit Singh Soran, Amita Soran, Anita, Narender Kumar, Virender Singh, Bindu Sharma, Sanjeev Kumar, and Indian Energy Exchange Limited (IEX).

What SEBI found or ordered

• SEBI conducted a suo-motu preliminary examination and received a complaint alleging insider trading in IEX shares.
• SEBI identified the CERC order dated July 23, 2025, regarding market coupling as Unpublished Price Sensitive Information (UPSI).
• SEBI observed a 29.58% drop in IEX share price on July 24, 2025, following the public announcement of the CERC order.
• SEBI appointed an Investigating Authority on September 12, 2025, to examine trading activities between July 1, 2025, and August 14, 2025.
• Search and seizure operations were conducted between September 18 and 20, 2025, to collect digital evidence and record statements.
• The order is interim and ex-parte, meaning it is issued without hearing the noticees at this stage.

Also in the document

• The investigation involves potential involvement of CERC officials (referred to as Official 1, 2, and 3) who were part of the committee discussing the market coupling policy.
• SEBI noted that IEX was expected to lose control over price discovery in the Day-Ahead Market segment due to the new market coupling framework.
• The order states that some names mentioned in the investigation are not yet made Noticees as the investigation is continuing.