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The Securities Appellate Tribunal (SAT) has reserved its order until 21 October on an appeal by US-based market maker Jane Street, bringing an end to verbal arguments in its ongoing legal battle with the Securities and Exchange Board of India (Sebi) over access to key evidence. The dispute stems from Sebi’s July 2025 ex-parte interim order, which barred Jane Street from the Indian securities market and directed it to disgorge ₹4,843 crore in alleged unlawful gains. The regulator accused the hedge fund of manipulating the Bank Nifty index by using trades in cash and futures markets to artificially support the index while building large short positions in index options. Arguing before a SAT bench comprising presiding officer Justice (Retd.) P. S. Dinesh Kumar and Technical Members Dr. Dheeraj Bhatnagar and Meera Swarup, the hedge fund contended that Sebi has withheld crucial documents and data used to build its case. Jane Street's demands include trade and order logs with counterparty details such as trade quantity, price, and execution time, along with correspondence between Sebi and NSE, among other things. Jane Street argued that these documents are essential to its defence against market manipulation charges, as they could clarify why Sebi launched a fresh investigation after two previous reviews cleared the firm. The appeal highlights a November 2024 probe by the NSE and a December 2024 review by Sebi’s Integrated Surveillance Department (ISD), both of which reportedly found no proof that Jane Street's trades influenced index prices to profit its options positions, recommending against further action. However, lawyers representing the market regulator have argued that counterparty trades and order data are not relevant to the allegations against Jane Street, and that at this stage of the investigation, Sebi is legally bound to only share information it relied upon to pass the interim order. “Where it is relevant and where it has a meaning, we give. But we also have to understand that the data we are sharing here is huge, because these are huge trades. Also, the counterparty has no relevance,” a lawyer representing Sebi said at the hearing. “They want the data of counterparties with whom they have traded, which is irrelevant because that is absolutely not the allegation here. That is why in the responses that we have given to their demands, we have said that counterparty data has no relevance in the precedence,” he added. Apoorva is a Mumbai-based journalist at Mint who covers the Securities and Exchange Board of India (SEBI), tracking the pulse of India’s capital markets, regulatory developments and the people who operate within them. She holds a postgraduate diploma in business and financial journalism from the Asian College of Journalism, where she developed a strong foundation in markets, companies, and economic policy. She began her journalism journey with an internship at Bloomberg, where she worked across beats such as real estate, infrastructure, capital markets, and deals, which helped her understanding of business and finance.<br><br>She is guided by the belief that everything in this world can be explained in simple and fewer words, and that idea shapes how she approaches her writing. She aims to cut through complexity and present nuanced regulatory and financial developments in a way that is both accessible and meaningful to readers.<br><br>When she is not tracking market chatter, Apoorva can usually be found deep into a fiction novel or out on a long run. She is also a trained classical dancer in Bharatanatyam, Mohiniyattam, and Kathakali. Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
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