India’s markets regulator, the Securities and Exchange Board of India (SEBI), is set to inform the Securities Appellate Tribunal (SAT) this week that it finds no justification for releasing additional documents requested by U.S. trading firm Jane Street, according to two sources familiar with the situation.
In July, SEBI temporarily prohibited Jane Street from trading, claiming the firm engaged in manipulative practices that affected a key benchmark index of banking stocks, resulting in losses for retail investors. Jane Street denied these allegations, subsequently regaining access to the Indian market after paying a penalty. In September, the firm filed an appeal with the SAT, seeking further data and documentation.
SEBI’s forthcoming response, which has yet to be publicly disclosed, will characterize Jane Street’s request as a potential tactic to postpone proceedings, as noted by one source. Another source indicated that the data sought could compromise the ongoing investigation.
As of now, SEBI has not responded to an emailed inquiry regarding the matter, and Jane Street did not provide an immediate comment when contacted outside U.S. business hours.
In a report from July, Reuters indicated that SEBI was analyzing extensive trading data from Jane Street concerning all Indian benchmark indices from January 2023 through May 2025. The investigation aims to identify trading patterns akin to those noted in the July order, where substantial positions were established in both cash and futures markets concerning the index constituents.
The latest development in this case comes amid ongoing scrutiny by SEBI aimed at ensuring market integrity and protecting retail investors.
Published on November 17, 2025.
