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Informist, Monday, Oct. 5, 2026

 

--SAT lists part-heard Jane Street group's appeal vs SEBI in Tue's causelist

 

MUMBAI – The Securities Appellate Tribunal has listed the part-heard case of Jane Street group's appeal against the Securities and Exchange Board of India for Tuesday. The appeal, filed by JSI Investments Pvt. Ltd. and other Jane group entities, was heard Monday.

 

The case refers to SEBI's interim order of Jul. 3, 2025, passed by then whole time member Ananth Narayan G., against four Jane Street group entities--JSI Investments Pvt. Ltd., JSI2 Investments Pvt. Ltd., Jane Street Singapore Pte. Ltd., and Jane Street Asia Trading Ltd.--alleging they collectively manipulated the Indian market through trading patterns involving large positions in index options, index futures, and underlying index stocks in the cash market.

 

In that interim order, SEBI had ordered entities of the US-based quantitative trading company to disgorge alleged unlawful gains of INR 48.44 billion. Two of the four Jane Street group entities involved in the case were registered with SEBI as foreign portfolio investors. The regulator had alleged in its interim order the manipulative trading in index options, index futures, and underlying index stocks in the cash market by Jane Street group entities had primarily resulted in the manipulation of Nifty Bank and Nifty 50 indices on certain index option expiry days.

 

On Jul. 14, 2025, Jane Street group entities paid the disgorgement amount of INR 48.44 billion to SEBI, subject to the final outcome of the case. But it also appealed to the SAT seeking the examination reports and counterparty trading details, which were denied to it by SEBI.

 

The capital market regulator has not been able to issue a confirmatory or final order in the matter because of the Jane Street group's appeal with the SAT. In any confirmatory or final order, SEBI will not share the counterparty trading details or the full examination reports, and since that is the bone of contention with the Jane Street group, the case ends up becoming sub judice till SAT issues its ruling in the current appeal case.  End

 

Reported by Rajesh Gajra

Edited by Shubhayan Bhattacharya

 

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