Archive · 14 Aug 2025
SEBI Investigates Jane Street for Alleged Market Manipulation in India
The Securities and Exchange Board of India (SEBI) looked into whether Jane Street, a big trading firm, was manipulating the Indian stock market.
SEBI found that Jane Street made billions of dollars from trading but suspected some of the profits were made unfairly.
The investigation started after the National Stock Exchange (NSE) noticed unusual trading patterns.
SEBI temporarily stopped Jane Street from trading in India.
Jane Street denies the charges and is working with the regulators.
Although Jane Street can trade in India, it is not currently doing so.
SEBI investigated Jane Street for alleged market manipulation in Indian derivatives trading.
NSE shared data on Jane Street's activity with SEBI starting November 2023, due to a surveillance alert.
SEBI found Jane Street made $4.23 billion trading Indian derivatives between January 2023 and March 2025.
Jane Street was barred from the local market in July 2025 but has since regained the right to trade.
Jane Street is not currently trading in India, according to a company spokesperson.
- Who
- SEBI, Jane Street, NSE, and retail traders.
- What
- SEBI investigated Jane Street for alleged manipulation in India's derivatives market.
- When
- Investigation began in late 2023 and a formal order issued in July 2025.
- Where
- India's derivatives market.
- Why
- To investigate potential market manipulation and protect retail investors.
SEBI's Stance
Jane Street's Stance
Manipulation vs. Legitimate Trading
SEBI's Stance
Jane Street engaged in market manipulation, resulting in unlawful gains at the expense of retail traders.
Jane Street's Stance
Jane Street denies the charges and claims its trading was basic index arbitrage.
- Jane Street's Earnings
- $4.23 billion (Jan 2023 - Mar 2025)
- Alleged Unlawful Gains
- $567 million
- Retail Investor Losses (3 years)
- $21 billion
- Derivatives vs. Cash Market (2023)
- 422x
- NSE Transaction Fees Increase
- 32% (Year to March 2023)