India to implement market coupling in DAM by Jan 2026, aiming to unify power prices and improve trading efficiency.

• All exchanges to follow a round-robin MCO system; bids are centrally matched for one uniform market-clearing price.
• IEX and others will act as bid interfaces; price discovery shifts to a centralized mechanism to boost liquidity.
• Long-term benefits may include lower tariffs, greater efficiency, and structural impact on trade volumes and operations.