Ananth Narayan, a senior official at India’s securities regulator, has announced his intention to transfer the ongoing investigation into Jane Street Group LLC as his three-year term concludes this Thursday.
Narayan, the sole member of the Securities and Exchange Board of India (SEBI) with a trading background, gained prominence in July after issuing an order that accused the US trading firm of manipulating India’s stock and derivatives markets, impacting millions of retail investors.
With over 20 years of experience at global banks like Standard Chartered Plc, Narayan has been instrumental in the case against Jane Street, leading a team from SEBI’s surveillance and derivatives departments. Insiders familiar with the situation, who requested anonymity, have noted that SEBI remains confident the investigation will proceed successfully despite Narayan’s departure.
This case represents one of SEBI’s largest actions against an overseas firm and has attracted significant international attention. It pits the Indian regulator, overseeing the world’s largest equity options market by contracts, against a high-profile player from Wall Street. The situation has heightened concerns regarding potential regulatory tightening, following recent measures aimed at curbing retail speculation.
Both SEBI and Jane Street have not responded to requests for comments. The Indian government has sought applications for Narayan’s position through October 6, as stated in a notification from the Department of Economic Affairs.
Apart from market oversight, Narayan has also handled enforcement and foreign portfolio investors’ responsibilities, according to SEBI’s official website. In the July order, the regulator accused Jane Street of leveraging its “immense trading, financial and technological prowess” to manipulate markets, particularly during index options expiry days. The allegations primarily involved trades connected to Indian bank stocks and the National Stock Exchange’s index tracking that sector. Jane Street has denied these allegations and stated its intent to vigorously contest them.
The firm has deposited ₹4,840 crore ($545 million) into an escrow account to comply with the July ruling, which led SEBI to lift a temporary ban on the firm’s trading activities. Jane Street, which reported a record $10.1 billion in net trading revenue for the second quarter, has claimed that the regulator has not provided essential documents for its defense and has sought a pause in legal proceedings until its appeal is addressed.
During a hearing on September 9, Jane Street informed the Securities Appellate Tribunal that it has refrained from trading in India since the July order was issued. The tribunal is scheduled to consider the case on November 18 and has instructed SEBI to submit a written response.
For additional reports on this topic, please visit bloomberg.com.
Published on October 9, 2025.
