Tribunal reserves its order The Securities Appellate Tribunal (SAT) on Wednesday announced that it has **reserved** its order in the ongoing dispute between Jane Street Global Markets and the Securities and Exchange Board of India (SEBI). Both parties have filed written submissions following oral arguments, and the tribunal will announce its decision at a later date.
Background of the case In September 2025, Jane Street approached SAT, contending that SEBI had failed to provide certain data, documents and communications with the National Stock Exchange (NSE) that were essential for the firm to respond to SEBI’s July 3, 2025 interim ex‑parte order. The present proceedings are limited to the **disclosure of documents** and do not address the substantive merits of SEBI’s allegations.
Jane Street’s position Jane Street maintains that its trading activity was part of a legitimate strategy and that it sought clarification from both the exchange and the regulator well before the ex‑parte order was issued. The firm argues that the lack of response hampered its ability to defend itself, causing reputational damage. In its submissions, Jane Street cited an internal SEBI surveillance note which, according to the firm, concluded that the regulator could not establish that it had influenced Bank Nifty prices to benefit its derivatives positions and recommended that the matter not be pursued further.
SEBI’s response SEBI counters that it has already supplied Jane Street with **more than 10 GB of data** related to the investigation. The regulator asserts that it is not obligated to share information that it did not rely upon while forming its case. SEBI also accused Jane Street of attempting to delay the proceedings by requesting additional material, describing the move as an effort to “investigate the investigator.”
Allegations of market manipulation SEBI’s interim order alleges that Jane Street and associated entities executed a coordinated trading strategy on Bank Nifty expiry days. Specifically, the regulator claims the firm: - Bought approximately **₹4,370 crore** of Bank Nifty constituent shares within a two‑hour window. - Simultaneously took a bearish options position valued at around **₹32,114 crore**. - Sold the shares thereafter, causing a price decline that benefitted the bearish options position.
SEBI estimated the alleged unlawful gains at **₹4,843.57 crore** and directed the group to deposit this amount in an escrow account. Jane Street complied with the deposit while continuing to deny the allegations.
Next steps The SAT will consider the written submissions and the material presented by both sides before delivering its final order. The decision will determine whether Jane Street must provide further documentation or whether SEBI’s interim order will stand.
--- *The information above is based on the tribunal hearing and statements from both parties.*