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The Securities and Exchange Board of India (SEBI), the country’s market regulator, told a local court that it had shared with Jane Street Group LLC the trade logs it relied on for its preliminary order against the Wall Street trading firm, urging the company to respond to the allegations of market manipulation, Bloomberg reported. Jane Street has been seeking additional documents and internal emails from the regulator to mount its defence against the interim order. At Monday’s hearing, Jane Street’s lawyer said SEBI should hand over the trading records used to accuse the firm of manipulating index prices and then profiting from options trading. Gaurav Joshi, a lawyer representing the Securities and Exchange Board of India, said the regulator had provided details of the time, quantity and pricing of actual trades. SEBI has withheld the names and tax identification details of counterparties and will not share additional information because it did not base the probe on those records, Joshi said. Until Monday, Jane Street’s lawyer had argued that most of the information in the trade logs was redacted, as per the report. The report said that the trades are central to the regulator’s allegation that Jane Street influenced the pricing of stocks in the NSE Nifty Bank Index, a closely watched benchmark that serves as the foundation for heavily traded options contracts. The outcome of the dispute could shape global trading firms’ perception of how high-frequency traders would be regulated in one of the world’s largest derivatives market. Jane Street has sought details of as many as 60 emails exchanged between SEBI and the NSE, Joshi said. The regulator is not legally bound to furnish this information even after the probe, he said. SEBI had previously said that such communication could be considered by the court after the investigation is completed, as per Bloomberg. At some stage, the court has to put a stop to these requests for documents, Joshi said, concluding his arguments. Jane Street will present its rebuttal on Thursday. The report said that Joshi, earlier this week, argued that the Wall Street trader purchased stocks worth more than 43 billion rupees ($444 million) in the cash market over two hours and simultaneously sold options worth over 320 billion rupees. Within a few hours, Jane Street dumped the shares, which benefited its derivatives position, SEBI said, citing this as evidence of an intent to manipulate the market. The regulator’s interim order of July 2025 had temporarily barred Jane Street from trading and asked it to deposit alleged unlawful gains of 48.4 billion rupees in an escrow account. While the firm deposited the amount, it has not resumed trading in India yet. Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments. <br><br> He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom. <br><br> During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles. <br><br> He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements. <br><br> His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover, he enjoys writing multibagger and listicle-style copies. Outside of work, Ksheera enjoys playing the piano and exploring new places. He has a keen interest in travel, music, and continuously learning about global markets and economic trends. 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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