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Jane Street Fights Regulator for Crucial Evidence
21 Oct
Summary
- Jane Street seeks more data from Sebi for its defense.
- Sebi claims counterparty info is redacted and irrelevant.
- Allegations involve manipulating Bank Nifty index for ₹4,843 crore.
The Securities Appellate Tribunal (SAT) has reserved its order concerning appeals filed by Jane Street, a high-frequency trading firm. Jane Street is requesting further information from the Securities and Exchange Board of India (Sebi) to adequately respond to an interim order issued by the regulator in July 2025.
During the hearing, Jane Street contended that order logs, detailing counterparties, timestamps, prices, and quantities, are crucial for its defense. Sebi countered that it had already supplied necessary information and that counterparty details were redacted due to irrelevance, as no collusion was alleged.
The dispute originates from Sebi's July 2025 interim order, which accused Jane Street of manipulating the Bank Nifty index through a two-part trading strategy, allegedly resulting in unlawful gains of around ₹4,843 crore. Sebi had initially barred the firm from trading in India, a restriction later lifted upon deposit of the alleged gains into an escrow account.
