Jane Street Case: Securities Appellate Tribunal To Hear Challenges To SEBI Order On Sept. 8

The Securities Appellate Tribunal will hear a case filed by high-frequency trading firm Jane Street challenging the SEBI order on index manipulation on Monday, Sept. 8.

The Securities and Exchange Board of India in July barred Jane Street Group entities from accessing the Indian securities market and directed the impounding of Rs 4,843.57 crore in alleged unlawful gains from the group. According to the interim order, Jane Street made gains to the tune of Rs 43,289 crore through trading in index options on Indian exchanges between Jan. 1, 2023, and March 31, 2025.

The US-based trading firm claims that India's market watchdog did not provide complete and relevant trade data, is suppressing crucial documents, and has rejected repeated inspection requests. The firm has alleged that the regulator asked it to raise inspection grievances only at hearings scheduled on Sept. 8 and Sept. 15, 2025, which the firm says severely prejudices its case.

The appeal argues that SEBI has withheld annexures to its investigation report and correspondence with the National Stock Exchange of India, despite those records forming the basis of regulatory conclusions.

Jane Street points out that both SEBI’s own investigation department and the NSE had previously found no evidence of price manipulation in its trades, but the regulator later shifted its stance by introducing a new theory of “Extended Marking the Close.” The high-frequency trading firm also mentioned that these documents are important to file an official response to SEBI proceedings.

NDTV Profit had previously reported on July 25 that Jane Street had sought additional time from SEBI to file its official response in the ongoing investigation. During its last interaction with the regulator, the firm reportedly gave an undertaking to ensure compliance with all market norms.

NDTV Profit had also reported that while the proceedings are undergoing, the firm is not engaging in active trading in the Indian markets despite being allowed to do so.