India’s Central Electricity Regulatory Commission has ordered an investigation into GNA Energy, an over-the-counter electricity trading platform, over alleged insider trading and market manipulation tied to its July 2025 market coupling order.
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India’s federal power regulator on Tuesday ordered an investigation into over-the-counter (OTC) electricity trading platform GNA Energy for alleged involvement in insider trading and market manipulation linked to a key regulatory order on market coupling.
India’s market regulator, the Securities and Exchange Board of India (SEBI), issued an order late on October 15 against two officials of the country’s federal power regulator and officials of GNA Energy, alleging that they traded on price-sensitive information in shares and derivatives of Indian Energy Exchange (IEX).
The Central Electricity Regulatory Commission (CERC) said it was acting on findings from a SEBI interim order that stated GNA Energy’s top executives had access to confidential CERC documents before a July 2025 order on market coupling was made public.
CERC said the company may have violated provisions of power market regulations and appointed two senior officials to conduct the investigation and submit a report within 21 days.
The order does not revoke GNA Energy’s registration but warns that violations could lead to suspension or cancellation of its licence.
Published on October 29, 2025