6 hrs ago
Sebi Calls Jane Street’s Document Demand a Delaying Tactic
India’s market regulator, Sebi, and trading firm Jane Street are arguing about a market-manipulation case.
Sebi says Jane Street’s trades affected prices in a bank index and helped its options trades.
Jane Street denies that its case can be fairly tested without seeing the trading records Sebi used.
The firm has asked a tribunal to make Sebi share more records and emails.
Sebi says it only has to share the documents it relied on and that more disclosure could hurt its investigation.
Sebi’s lawyer accused Jane Street of using its document request to delay the case.
An interim order has stopped the firm from trading in Indian securities, and it placed 48.4 billion rupees in an escrow account.
The hearing is set to continue Wednesday.
At a Securities Appellate Tribunal hearing, Sebi lawyer Gaurav Joshi called Jane Street’s request for more documents a “dilatory” tactic.
Jane Street says it needs underlying trading records—including counterparties, timing, volumes and prices—to challenge Sebi’s market-manipulation allegations.
Sebi argues it must provide only documents relied on for its interim order and says sharing more could harm its ongoing investigation.
Sebi alleges Jane Street affected prices in the NSE Nifty Bank Index to benefit its options positions; earlier 2024 reviews by NSE and Sebi’s surveillance department found no evidence of such influence.
Sebi’s July 3, 2025, interim order barred Jane Street from trading in Indian securities and required it to place 48.4 billion rupees in alleged gains in escrow.
- Who
- The Securities and Exchange Board of India (Sebi) and Jane Street Group LLC.
- What
- They are disputing Jane Street’s request for additional records in Sebi’s market-manipulation case.
- Where
- At the Securities Appellate Tribunal in India.
- When
- The tribunal hearing began Tuesday and was due to continue Wednesday; the interim order was issued July 3, 2025.
- Why
- Jane Street says the records are needed to challenge Sebi’s allegations; Sebi says it need only provide material relied on for its order and that further disclosure could harm its investigation.
Sebi’s position
Jane Street’s position
Access to trading records
Sebi’s position
Sebi says it is required to provide only the documents it relied on for its interim order, and that additional disclosure could harm its ongoing probe.
Jane Street’s position
Jane Street says it needs the underlying trading data, including counterparties, timing, volumes and prices, to test the allegations and mount its defence.
Focus of the case
Sebi’s position
Sebi’s lawyer says Jane Street should explain why its trading strategy was not market manipulation, rather than challenge the regulator’s conduct.
Jane Street’s position
Jane Street has sought records and correspondence, arguing that the material is necessary to challenge the regulator’s allegations.
Key facts
- Regulator
- Securities and Exchange Board of India (Sebi)
- Company
- Jane Street Group LLC
- Tribunal
- Securities Appellate Tribunal (SAT)
- Interim order date
- July 3, 2025
- Order
- Temporarily barred Jane Street from trading in Indian securities
- Escrow amount
- 48.4 billion rupees, described in the article as about $503 million
- Earlier reviews
- Two 2024 reviews by NSE and Sebi’s Integrated Surveillance Department found no evidence that Jane Street’s trades influenced index prices to benefit its options positions.
Sources
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