Jane Street Group asked regulators for more time to respond to accusations that its trading business manipulated the securities market in India.
The Securities and Exchange Board of India earlier this month temporarily barred Jane Street from accessing the local securities market for alleged index manipulation, a severe hit to the US firm, which made $4.3 billion in trading gains in India over more than two years.
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“We are engaging constructively with SEBI and have sought an extension to respond to the interim order issued on July 3,” a representative for Jane Street said in an emailed statement Monday. The firm, which has disputed SEBI's findings, didn't say how long it's asking for to respond.
SEBI had given the firm 21 days to respond to its 105-page order. That deadline passed last week. New York-based Jane Street has told employees that India's securities regulator made “many erroneous or unsupported assertions” about its trading activity in the country.
The firm later set aside 48.4 billion rupees ($558 million) in an escrow account to comply with the order, which is part of an ongoing probe into allegations of market manipulation by the US trading giant. If the regulator finds Jane Street's response satisfactory, it may reverse its interim order. Otherwise, SEBI is expected to issue a confirmatory order outlining a timeline for its probe, before serving a so-called show-cause notice.
“Jane Street is committed to conduct that upholds the integrity of India's capital markets and contributes to their continued development,” the firm said in the statement Monday.
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