Jane Street vs Sebi: SAT adjourns hearing in market manipulation case

The Securities Appellate Tribunal (SAT) has adjourned the hearing in the case involving US-based trading firm Jane Street and market regulator Sebi, CNBC-TV18 reported on Wednesday.

Also read: Jane Street’s India arm saw six-fold surge in trading gains before SEBI clampdown: Report

In July 2025, the Securities and Exchange Board of India (Sebi) accused Jane Street Group of manipulating the Indian stock market, specifically the Bank Nifty index, for unlawful gains.

The market regulator alleged that between January 2023 and March 2025, the firm used its high-frequency trading capacity to artificially influence index prices in order to profit from options positions.

According to Sebi, the firm adopted a two-pronged strategy. One entity bought large quantities of bank stocks to boost the index, while another arm of the firm simultaneously placed bets in the derivatives market linked to that movement.

The Sebi ordered the firm to deposit Rs 4,843.57 crore in alleged illegal gains and temporarily barred it from trading in India. The ban was lifted after Jane Street deposited Rs 4,843.5 crore.

In September 2025, Jane Street moved SAT, challenging Sebi's order. In its appeal, the firm alleged that sufficient information and access to documents necessary to mount a defence had been denied by the regulator. It also claimed that a recent inspection by a Sebi department had concluded that there was no manipulation.