SAT seeks details of documents Sebi shared with Jane Street beyond duty

The tribunal asks Sebi to specify material shared beyond its legal obligations as Jane Street seeks trading data and other documents; the hearing continues on Thursday.

The Securities Appellate Tribunal (SAT) on Wednesday asked the Securities and Exchange Board of India (Sebi) to detail the documents and information it shared with Jane Street beyond what the regulator was legally required to provide, as the hearing over access to material in the case continued.

 

High-frequency trading firm Jane Street submitted that it sought only a “short list” of documents, while Sebi’s counsel argued that the so-called “short list” was merely a summary of the longer list of material sought by the trading firm.

 

Jane Street is seeking data on trade logs, including prices, quantities and time stamps. Sebi’s counsel said the details had been provided, with only the names of counterparties redacted.

 

Sebi’s counsel told the tribunal that the regulator had already shared material beyond what it was required to provide at the current stage of the proceedings.

 

The counsel said the material Jane Street sought included communications and data exchanges between Sebi and the National Stock Exchange (NSE), complaints and representations received by the regulator, and data placed before the internal department regarding positions.

 

Jane Street entities also sought detailed trading logs, including the price, traded quantity, and time stamps. However, the market regulator’s counsel argued that Sebi had redacted the names of the counterparties in the trading data.

 

The case stems from Sebi’s interim order in July 2025, in which the regulator accused US-based trading firm Jane Street and its group entities of manipulating the Bank Nifty index through a two-part trading strategy and alleged unlawful gains of about ₹4,843 crore.

 

Sebi temporarily barred the entities from trading in India, a restriction lifted after Jane Street deposited the amount in an escrow account.

 

The SAT hearing in the matter will continue on Thursday.