SEBI Bars 8 Entities in ₹173 Crore Insider Trading Case Linked to Indian Energy Exchange

India's securities regulator has cracked down on insider trading involving the Indian Energy Exchange (IEX), prohibiting eight entities from markets and seizing ₹173.14 crore in illicit gains. The case centers on undisclosed price-sensitive information about a regulatory order that ultimately crashed IEX shares by nearly 30%.

SEBI's interim order reveals traders capitalized on advance knowledge of a Central Electricity Regulatory Commission directive implementing Market Coupling—a mechanism expected to dent IEX's trading volumes. The prohibited parties include Bhoovan Singh, Amar Jit Singh Soran, and six others who allegedly executed trades while possessing non-public information.

The July 2025 CERC order triggered a 29.58% single-day plunge in IEX shares, following unusual pre-announcement trading activity. SEBI's 45-page ruling cites "irresistible inference" of insider influence, marking another high-profile enforcement action in India's financial markets.