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Regulator Faces Scrutiny Over Document Sharing
7 Oct
Summary
- Tribunal demands Sebi detail shared documents beyond legal requirements.
- Jane Street seeks specific trade logs, including prices and timestamps.
- Sebi accused Jane Street entities of ₹4,843 crore manipulation in July 2025.
The Securities Appellate Tribunal (SAT) is continuing its hearing regarding access to case documents, directing the Securities and Exchange Board of India (Sebi) to detail information provided to Jane Street. The tribunal seeks clarity on any documents shared by Sebi that exceed legal mandates for the current stage.
Jane Street, a high-frequency trading firm, has requested specific trade logs, including details on prices, quantities, and time stamps. Sebi's counsel stated that such details have been supplied, with only the names of counterparties being redacted from the trading data.
Sebi's counsel informed the tribunal that the regulator had already furnished material beyond its obligatory requirements. The information sought by Jane Street reportedly includes communications between Sebi and the National Stock Exchange (NSE), received complaints, and data presented to internal departments concerning trading positions.
This case originates from Sebi's interim order in July 2025, which accused US-based Jane Street and its affiliated entities of manipulating the Bank Nifty index. The alleged manipulation, through a two-part trading strategy, purportedly resulted in unlawful gains of approximately ₹4,843 crore. Sebi had temporarily prohibited these entities from trading in India, a restriction that was later lifted upon the deposit of the alleged gains into an escrow account. The SAT hearing is scheduled to continue on Thursday.
