With market coupling for the Day-Ahead Market set to roll out by January 2026, Indian Energy Exchange (IEX) is looking at the rapidly growing Real-Time Market (RTM) which will likely cushion the impact of regulatory changes that could challenge its dominance in power price discovery.Rohit Bajaj, Managing Director of IEX, acknowledged that the market coupling announcement caught the company off guard. “Discussions were going on, and studies had shown that not much benefit was there from coupling,” he said. “On that basis, we were thinking it will not happen. But now it has happened.”Market coupling will centralise price discovery for the DAM, a segment that once formed the backbone of IEX's business. However, Bajaj pointed out that the landscape has already shifted. “Earlier, the Day-Ahead Market was the major contributor,” he said. “But now, Real-Time Market growth has been phenomenal.”Introduced in 2020, the RTM has quickly gained traction. “Within five years, it has emerged as a major contributor,” Bajaj noted. “Today, the Day-Ahead Market contributes just over one-third of total transactions.”While the coupling order currently applies only to the DAM, Bajaj clarified that “the order says it will be considered for the Real-Time Market, but no decision has been made yet.” He emphasised that “a lot needs to be done before implementation."Despite the looming changes, Bajaj sees potential earnings impact. “There would be some impact, but not significant,” he said. “This may lead to increased competition in the segment, but we are still better placed than others to deal with it.”On whether IEX would cut transaction fees to retain market share, Bajaj said “It would not be in the interest of anybody.” He added, “We are financially stronger than anybody else. Our charges—four paise—are decently placed. There could be a few percentage points here and there, but no significant reduction in fee.”