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Informist, Tuesday, Oct. 7, 2026

 

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--SEBI to SAT: Can give more data to Jane Street post showcause notice
--CONTEXT: Comments by SEBI lawyer in SAT hearing in Jane Street group case
--SEBI to SAT: Jane Street not given any reply to interim charges on merit
--SEBI to SAT: Not bound to give Jane Street inter-department communication
--SAT to continue hearing Jane Street vs SEBI case Thursday

 

MUMBAI – The Securities and Exchange Board of India told the Securities and Appellate Tribunal Wednesday that the Jane Street group, through the appeal against the market regulator's Jul. 3, 2025, interim order against four of its entities, was trying to question why SEBI investigated their trades at all. SEBI's lawyer completed his arguments in the case Wednesday. The tribunal will hear Jane Street Group's rejoinder Thursday.

 

The Jane Street group had moved the Securities and Appellate Tribunal against SEBI's refusal to provide all the documents and data sought after the interim order was passed. In the interim order, SEBI had alleged that four Jane Street group entities had collectively manipulated the Nifty Bank and Nifty 50 indices on certain index option expiry days through manipulative trading patterns involving large positions in index options, index futures, and underlying index stocks in the cash market. The entities were ordered to disgorge alleged unlawful gains of INR 48.44 billion, which they did, subject to the final outcome of the investigation.

 

SEBI's legal counsel said Jane Street group's demand for all documents in the regulator's possession to be shared with it was based on vague, indefinite, and irrelevant grounds. He argued that the Jane Street group was trying to obstruct SEBI from proceeding with its investigation, and had not even provided any response to the charges made in the interim order against its entities.

 

The Jane Street group was essentially questioning why SEBI took the view it did, and why it accepted some views and rejected others during the course of the preliminary investigation, according to SEBI's lawyer. He listed the data, reports, and materials sought by the Jane Street group and said the demand was absurd. Giving an example, he said SEBI was even asked to give all inter-departmental communications during the preliminary investigation that led to the interim order. SEBI was not bound to give this information, he said.

 

The SEBI lawyer argued that at the current stage of the investigation, where no show-cause notice had yet been issued, SEBI could not give Jane Street any documents and materials that were not relied upon while passing the interim order. Despite having the legal right to provide only a restricted set of documents, SEBI had already provided the Jane Street group copies of various reports, surveillance alerts, and file notings, which were more than warranted, he said.

 

Towards the end of Wednesday's hearing, the Jane Street group lawyer offered a shorter list. But SEBI argued that the short list was nothing but a summary of the long list with multiple documents sought under individual items in the list. He said the new list was no different from the original list based on which Jane Street had filed the appeal before the tribunal.  End

 

Reported by Rajesh Gajra

Edited by Rajeev Pai

 

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