13 hrs ago
SAT Reserves Order in Jane Street-Sebi Evidence Dispute
Jane Street and India’s securities regulator, Sebi, disagree about records connected to a market-manipulation case.
Sebi says Jane Street’s trading affected the Bank Nifty index and helped its options positions.
In July 2025, Sebi barred the firm from India’s securities market and ordered it to give back ₹4,843 crore in alleged unlawful gains.
Jane Street says it needs more documents to defend itself.
It has asked for detailed trade and order records, including information about the other parties in the trades.
It also wants correspondence between Sebi and the National Stock Exchange.
Sebi says some of the requested information, especially counterparty details, is not relevant to its allegations.
The Securities Appellate Tribunal has finished hearing arguments and will issue its order on 21 October.
The tribunal’s decision will address Jane Street’s appeal over access to evidence.
The Securities Appellate Tribunal reserved its order until 21 October on Jane Street’s appeal.
The appeal concerns Jane Street’s access to evidence in its dispute with India’s securities regulator, Sebi.
Sebi’s July 2025 interim order barred Jane Street from the Indian securities market and directed it to disgorge ₹4,843 crore in alleged unlawful gains.
Sebi alleges Jane Street manipulated the Bank Nifty index through cash- and futures-market trades while building large short positions in index options.
Jane Street says key trade records and regulator correspondence are needed for its defence; Sebi says counterparty data is irrelevant and need not be disclosed at this stage.
- Who
- Jane Street and the Securities and Exchange Board of India (Sebi); the appeal is before the Securities Appellate Tribunal.
- What
- The tribunal reserved its order on Jane Street’s appeal seeking access to evidence in Sebi’s market-manipulation case.
- Where
- The dispute concerns Jane Street’s access to evidence in India’s securities-market proceedings.
- When
- The order is reserved until 21 October; Sebi issued the interim order in July 2025.
- Why
- Jane Street says the requested records are needed for its defence, while Sebi says counterparty data is irrelevant to its allegations.
Jane Street
Sebi
Access to requested evidence
Jane Street
Jane Street argues that trade and order logs, counterparty details, and Sebi-NSE correspondence are essential to its defence.
Sebi
Sebi says it must share information relied upon for the interim order at this stage, and argues that counterparty data is irrelevant to the allegations.
Basis for renewed investigation
Jane Street
Jane Street points to the November 2024 NSE probe and December 2024 Sebi review, which reportedly found no proof its trades influenced index prices to benefit its options positions.
Sebi
Sebi alleges that Jane Street manipulated Bank Nifty through cash- and futures-market trades while building large short positions in index options.
Key facts
- Tribunal
- Securities Appellate Tribunal (SAT)
- Order date
- Reserved until 21 October
- Sebi interim order
- Issued in July 2025; barred Jane Street from the Indian securities market
- Disgorgement demand
- ₹4,843 crore in alleged unlawful gains
- Index at issue
- Bank Nifty
- Earlier reviews cited
- An NSE probe in November 2024 and a Sebi Integrated Surveillance Department review in December 2024 reportedly found no proof that Jane Street’s trades influenced index prices to profit its options positions.
- Requested records
- Trade and order logs with counterparty details, plus correspondence between Sebi and NSE
Quotes
A lawyer representing Sebi
A lawyer representing the Securities and Exchange Board of India at the hearing.
“They want the data of counterparties with whom they have traded, which is irrelevant because that is absolutely not the allegation here. That is why in the responses that we have given to their demands, we have said that counterparty data has no relevance in the precedence.”
livemint.com
“Where it is relevant and where it has a meaning, we give. But we also have to understand that the data we are sharing here is huge, because these are huge trades. Also, the counterparty has no relevance.”
livemint.com
Sources
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