SAT tells Sebi to respond to Jane Street's appeal, effectively halting further action

Bengaluru, Sep 9, 2025

Synopsis
India's Securities Appellate Tribunal has instructed the Securities and Exchange Board of India (SEBI) to justify its refusal to disclose additional documents requested by Jane Street in an ongoing market manipulation case. The tribunal has also temporarily halted personal hearings with the trading firm until the next hearing on November 18. This pause delays a potential confirmatory order from SEBI.

India's Securities Appellate Tribunal on Tuesday ordered the markets regulator to file a response within three weeks explaining why it cannot disclose additional documents in the Jane Street case.

The tribunal also directed the Securities and Exchange Board of India to pause any personal hearings with the trading firm until the matter is heard again on November 18.

A pause on a personal hearing will delay a confirmatory order from the regulator until after November 18 as the process followed by it mandates a hearing before passing an order.

Last week, Jane Street filed an appeal against the markets regulator, seeking to compel it to release documents the U.S. high-frequency trading firm said were pertinent to rebut allegations of market manipulation.

India's markets regulator on Tuesday said the investigation and final order on Jane Street could be much wider, adding that it will not release any documents that were not relied on for passing the order.

SEBI said the investigation against Jane Street is at a critical juncture and is on going.

[The Economic Times]