14 hrs ago
Jane Street Denies Manipulation as India Regulator Case Advances
India’s market regulator says Jane Street affected prices of stocks linked to a banking index.
Jane Street says it did not manipulate those prices.
Its lawyer argued that the stocks sometimes rose even when the firm was selling.
The firm wants to see more of the regulator’s records, including information about other traders and complaints that helped trigger the investigation.
Jane Street says it needs those records to answer the case fairly.
The regulator issued an interim order on July 3, 2025, and sought 48.4 billion rupees.
Jane Street deposited that money but has not restarted trading in India.
The tribunal is due to hear the appeal again on Oct.
6.
Jane Street denied SEBI’s allegation that it manipulated stocks linked to the NSE Nifty Bank Index.
The firm argued that index stocks rose or fell irrespective of its trading activity.
Jane Street asked India’s Securities and Exchange Board to disclose redacted counterparty information and other investigation materials.
SEBI’s July 3, 2025 interim order sought 48.4 billion rupees ($503 million) in alleged ill-gotten gains; Jane Street deposited the money but has not resumed trading in India.
The Securities Appellate Tribunal scheduled the next hearing for Oct. 6.
- Who
- Jane Street Group LLC and India’s Securities and Exchange Board (SEBI).
- What
- Jane Street denied market-manipulation allegations and sought additional investigation records in its appeal.
- Where
- India, before the Securities Appellate Tribunal; the alleged trading involved stocks on the NSE Nifty Bank Index.
- When
- SEBI issued its interim order on July 3, 2025; the next tribunal hearing is scheduled for Oct. 6.
- Why
- Jane Street seeks more information to challenge SEBI’s allegations and understand why the regulator pursued an investigation after earlier internal reviews cleared the firm.
Jane Street’s position
SEBI’s position
Market manipulation
Jane Street’s position
Jane Street denied manipulating prices and argued that index stocks rose or fell regardless of its trading activity.
SEBI’s position
SEBI accused Jane Street of influencing prices of stocks on the NSE Nifty Bank Index.
Access to investigation records
Jane Street’s position
Jane Street sought redacted counterparty information, inter-department communications, and whistleblower complaints, arguing that withholding documents would undermine natural justice.
SEBI’s position
SEBI’s July interim order included trade logs with redacted counterparty information; the article does not report SEBI’s response to the disclosure request.
Earlier reviews
Jane Street’s position
Jane Street argued the regulator disregarded internal reviews that had cleared it, including reviews by the National Stock Exchange and SEBI’s surveillance department.
SEBI’s position
SEBI renewed its investigation and set up an investigation committee; its reasons for doing so are not detailed in the article.
Key facts
- Regulator
- Securities and Exchange Board of India (SEBI)
- Firm
- Jane Street Group LLC
- Index at issue
- NSE Nifty Bank Index
- Interim order date
- July 3, 2025
- Amount deposited
- 48.4 billion rupees ($503 million)
- Next hearing
- Oct. 6
- Trading status
- Jane Street has yet to resume trading in India
Sources
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