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SEBI Calls Jane Street Document Demands A Delaying Tactic At SAT Hearing
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CNBC TV18•06-10-2026, 19:09
SEBI Calls Jane Street Document Demands A Delaying Tactic At SAT Hearing
- •SEBI told the Securities Appellate Tribunal that Jane Street is using delaying tactics and trying to shift focus from its own conduct to the regulator's investigation.
- •Senior Advocate Gaurav Joshi used the Hindi proverb ulta chor kotwal ko daante to describe Jane Street's approach during the hearing.
- •SEBI stated it has already shared over 10 GB of material, including NSE and ISD reports, and argued that Jane Street's continuous document requests are a fishing and roving inquiry.
- •The regulator clarified that its case rests solely on how Jane Street group entities traded on expiry days, involving cash trades by Indian entities and profitable options positions by a Singapore entity.
- •In July 2025, SEBI had barred four Jane Street entities and impounded ₹4,843.57 crore over alleged index manipulation, though curbs were lifted after the firm deposited the amount in escrow.
Key Questions Answered
SEBI told the SAT that Jane Street's demands for more documents were a delaying tactic meant to shift focus from its own conduct, with Senior Advocate Gaurav Joshi describing it using the Hindi proverb 'ulta chor kotwal ko daante'.
In July 2025, SEBI barred four Jane Street entities from the market and impounded ₹4,843.57 crore in alleged unlawful gains over the manipulation of Bank Nifty and Nifty indices.
SEBI stated that an NSE report from November 2024 and an internal ISD report from December 2024 were only preliminary reviews, leading to an inter-departmental team forming on December 31, 2024, and a formal investigation starting in March 2025.
