India Regulator to Decline Jane Street Data Request in Court, Sources Say
Mumbai: India’s markets regulator will tell the court this week that it sees no reason to release additional data and documents to Jane Street after the US firm challenged the securities trading ban, two sources with direct knowledge of the matter said.
The Securities and Exchange Board of India (SEBI) had temporarily banned Jane Street in July, alleging that the company used its trading strategies to “manipulate” a major benchmark index of banking stocks, resulting in losses for retail investors.
Jane Street denied the allegations and regained access to the Indian market by paying a penalty amount. It also filed an objection with the Securities Appellate Tribunal of India (SAT) in September, seeking additional data and documents.
SEBI’s response, which has not yet been made public, will say Jane Street’s objection represents a delaying tactic by the US trading giant, one of the sources told Reuters.
“The documents and data sought could also undermine the ongoing investigation,” the second source added.
SEBI did not respond to an emailed request for comment.
There was no immediate response to a request for comment sent to Jane Street outside US business hours.
Reuters reported in July that SEBI was reviewing detailed data on trading by Jane Street in all India benchmark indices from January 2023 to May 2025.
SEBI’s ongoing investigation is looking for trading patterns similar to those flagged in the July order in which large positions were taken in components of an index in both cash and futures markets, the second source said.
