The Securities Appellate Tribunal (SAT) on Wednesday reserved its order in the Jane Street case, in which the trading giant has sought additional documents and information from the Securities and Exchange Board of India (SEBI) to prepare its response to the market regulator’s July 3, 2025 interim ex-parte order.
Both SEBI and Jane Street informed the tribunal that they had filed their written submissions following arguments in the matter. The tribunal took note of the submissions and ‘reserved’ its order for pronouncement.
Jane Street had approached SAT in September 2025, alleging that SEBI had not provided certain data, documents and communications with the NSE that could help it respond to the regulator’s allegations. The present proceedings concern the disclosure of documents and are not on the merits of SEBI’s allegations in its interim order.
During the hearing at tribunal Jane Street has denied any wrongdoing, maintaining that its transactions were part of a trading strategy. It has also claimed that it had sought clarification from the exchange and the regulator on its strategy but did not receive the required responses before SEBI passed the ex-parte order, which it said damaged its reputation.
The trading firm has also cited an internal SEBI surveillance note that, according to its submissions, found that the regulator’s surveillance department could not establish that the group had influenced Bank Nifty prices in a direction favourable to its derivatives positions. Jane Street claimed that the note recommended that the matter not be pursued further and questioned why SEBI subsequently proceeded with a fresh investigation.