SEBI Vs Jane Street: US-Based Trading Firm Files Appeal Seeking Key Documents In Market Manipulation Case

Jane Street has reportedly filed an appeal against India's markets regulator, seeking access to documents it says are crucial to defending itself against allegations of market manipulation.

According to a Reuters report, Jane Street filed an appeal on Wednesday with the Securities Appellate Tribunal (SAT), challenging the Securities and Exchange Board of India's (SEBI) decision to withhold what the company describes as“relevant and relied upon material.”

SEBI vs Jane Street

On July 4, SEBI barred all Jane Street Group entities from participating in the Indian securities market and ordered the impounding of ₹4,844 crore in alleged unlawful gains. The regulator said the firm made ₹43,289 crore in profits through index options trading between January 2023 and March 2025.

SEBI alleged that Jane Street and its affiliates manipulated the Bank Nifty index by building large early positions in underlying stocks while shorting corresponding options, ultimately incurring losses in cash trades but making substantial gains from derivatives.

In its appeal, Jane Street pointed to a December 2024 internal surveillance report by SEBI that found no conclusive evidence of manipulation, recommending the matter“may not be pursued further.” The company argued that the report and other withheld documents are critical to its defense.

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