SEBI Vs Jane Street: SAT To Next Hear The Case On Nov. 18
The Securities Appellate Tribunal has fixed the Jane Street appeal against the SEBI interim order for Nov 18. The regulator has given time to both the parties to file their replies after hearing detailed submissions.
The US-based trading firm claims that India's market watchdog did not provide complete and relevant trade data and is suppressing crucial documents.
The firm claims SEBI has not provided complete and relevant trade data and has rejected repeated inspection requests. Jane Street alleged that SEBI asked it to raise inspection grievances only at hearings scheduled on Sept. 15, 2025. The firm says this would severely prejudice its case, as the data is required to respond and present its side before the regulator.
The appeal argues that SEBI has withheld annexures to its investigation report and correspondence with the National Stock Exchange, 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 ongoing, the firm is not engaging in active trading in the Indian markets despite being allowed to do so.
NSE correspondences
The firm highlights a series of SEBI–NSE communications in May 2025, where the regulator sought multiple new analyses, including:
Delta exposure files and trade data for specific days in January 2024.
Fresh analysis for four days previously disregarded under original criteria.
Graphs, backend documents, and code for generating “patch” analysis across strikes.
Replication of analysis for the top 20 profit days between July 2023 and August 2024.
Lead-Up Events And Timeline
SEBI had 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 43,289.33 crore through trading in index options on Indian exchanges between Jan. 1, 2023, and March 31, 2025.
The market regulator passed the order as part of enforcement action. It applies to all Jane Street Group entities operating in India and restricts their ability to trade or participate in any market-related activity.
"Entities are restrained from accessing the securities market and are further prohibited from buying, selling, or otherwise dealing in securities, direct or indirect," SEBI said in an order.
The regulator asked that Jane Street entities jointly and severally deposit the amount into an escrow account with a scheduled commercial bank in India, which the firm did.
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