In a major crackdown on insider trading, the Securities and Exchange Board of India (SEBI) has barred eight individuals from the securities market and ordered the impounding of ₹173.14 crore in alleged illegal gains made through trades in Indian Energy Exchange (IEX).

The order follows SEBI’s suo motu investigation into suspicious trading activity ahead of a July 24, 2025, announcement by the Central Electricity Regulatory Commission (CERC) on “market coupling” — a move expected to negatively impact IEX’s business. The regulator noticed a sharp 29.6 per cent fall in IEX’s share price and a surge in trading volumes before the announcement, indicating possible trading based on unpublished price-sensitive information (UPSI).

According to SEBI’s 45-page interim order, the eight individua

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