From mint · Apoorva Ajith · · 1m 20s
SAT to pass Jane Street order on 21 October
SAT delays Jane Street's appeal against Sebi's market manipulation order until 21 October.
In brief
SAT delays Jane Street's appeal against Sebi's market manipulation order until 21 October. The Securities Appellate Tribunal will decide Jane Street's appeal against Sebi's order barring it from Indian markets and demanding ₹4,843 crore in disgorged gains by 21 October. Originally reported by mint.
SAT reserves Jane Street appeal order
The Securities Appellate Tribunal has reserved its verdict on Jane Street's appeal against Sebi's ex-parte interim order until 21 October.
Sebi's July 2025 order
Sebi barred Jane Street from the Indian securities market and directed it to disgorge ₹4,843 crore in alleged unlawful gains.
Jane Street's appeal demands
Jane Street requested trade logs with counterparty details, including trade quantity, price, and execution time, to defend against market manipulation charges.
Sebi rejects counterparty data
Sebi lawyers argued counterparty trades and order data are irrelevant to the allegations, as the data shared is huge and has no bearing on the charges.
Previous investigations
A November 2024 NSE probe and December 2024 Sebi ISD review found no proof Jane Street's trades influenced index prices to profit its options positions.
Sebi's stance on data relevance
Sebi stated counterparty data has no relevance in the precedence, as the allegations focus on manipulating the Bank Nifty index through cash and futures trades.
The big picture
The Securities Appellate Tribunal will decide Jane Street's appeal against Sebi's order barring it from Indian markets and demanding ₹4,843 crore in disgorged gains by 21 October.
