Jane Street moves SAT, files case against SEBI

US-based high-frequency trading firm Jane Street has moved the Securities Appellate Tribunal (SAT) against the market regulator SEBI, following accusations of manipulations in the futures and options segment, Reuters reported on Wednesday.

According to the case document reviewed by Reuters, Jane Street has argued that the Securities and Exchange Board of India (SEBI) failed to provide access to documents and data that the firm considers crucial to defend itself against the allegations.

The appeal requests SAT to direct SEBI to share the missing materials. “These documents are undeniably relevant,” Jane Street said in its filing, according to the report.

SEBI had on July 4 temporarily barred Jane Street from the domestic markets, citing alleged manipulation of India’s key indices. The regulator had given the firm 21 days to respond to the charges, a deadline that has already lapsed.

Jane Street declined to comment on the matter in response to Reuters’ email query, while SEBI did not immediately respond to a request for comment. Business Today could not independently verify the report at this point in time.

A source with direct knowledge of the development told Reuters that the SAT appeal marks Jane Street’s first legal challenge against SEBI’s action.