Indian Tribunal Orders SEBI to Explain Withholding of Documents in Jane Street Case
An Indian appellate tribunal has directed the Securities and Exchange Board of India (SEBI) to clarify within three weeks why it cannot share additional documents with U.S.-based algorithmic trading firm Jane Street. The order comes after Jane Street appealed to the Securities Appellate Tribunal (SAT), seeking access to more records linked to SEBI’s probe, including a December 2024 internal report that reportedly found no reason for further investigations.
The tribunal has also asked SEBI to pause personal hearings with the firm until the next hearing on November 18, delaying a confirmatory order from the regulator. SEBI suspended Jane Street on July 4, accusing it of manipulating Indian indexes—a charge the U.S. firm denies. While Jane Street has resumed eligibility to trade after paying a $567 million penalty, it has chosen not to re-enter the Indian market.
During the proceedings, Jane Street questioned contradictory findings by two SEBI departments on the same trading data and requested related communications between SEBI and the National Stock Exchange. SEBI, however, argued it cannot provide documents not used in its interim order, accusing the firm of a “fishing enquiry.” The regulator told the tribunal its investigation remains at a “critical juncture,” with a final order potentially broader in scope.
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