Court set to begin hearing in Jane Street-SEBI case

New Delhi: A three-member bench of the Securities Appellate Tribunal (SAT) was set to begin hearing on Tuesday in a case between US trading company Jane Street Group LLC and capital markets regulator, the Securities and Exchange Board of India (SEBI).

The New York-based firm has challenged SEBI’s July interim order that accused it of manipulative trading in India’s equity derivatives market.

Jane Street argued that the regulator denied it access to crucial documents, including correspondence with whistleblower Mayank Bansal and the National Stock Exchange (NSE).

It has asked the tribunal to halt further regulatory action until the appeal is resolved. Jane Street maintained that both SEBI and the NSE previously reviewed its trades and found no evidence of manipulation. SEBI, however, could argue that those reviews are independent of its decision to open a fresh probe.