Jane Street denies market manipulation charges, questions SEBI’s renewed investigation
The Wall Street firm is seeking further information on the investigation as its appeal against SEBI’s action continues before the tribunal
Jane Street Group LLC is challenging allegations of market manipulation in India's securities regulator, SEBI, in a high-profile appeal. The firm denied the charges and questioned why officials pursued the case after earlier reviews found no wrongdoing. Jane Street argued that stock prices in the NSE Nifty Bank Index, a key gauge for trading, fell or rose independently of the firm's trading activity.
The company is seeking additional information from SEBI regarding the origins and conduct of the investigation. The dispute highlights SEBI's enforcement powers, following its July 2025 order against Jane Street, which included seizing ₹4,840 crore ($503 million) in alleged ill-gotten gains. SEBI renewed its investigation despite the National Stock Exchange and regulator's surveillance department clearing the firm of market abuse.
Jane Street's lawyer argued that withholding documents from the trading firm would "vitiate" the process and contravene principles of "natural justice." The next hearing in the Securities Appellate Tribunal is scheduled for October 6.
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