India appellate tribunal sat adjourns Jane Street case hearing

India appellate tribunal sat adjourns Jane Street case hearing

India Appellate Tribunal Adjourns Jane Street Market Manipulation Case Hearing

The Securities Appellate Tribunal (SAT) has adjourned the hearing in the high-profile case involving U.S.-based hedge fund Jane Street Group and India’s Securities and Exchange Board of India (SEBI) to 18 November 2025, granting the regulator three weeks to respond to the firm’s appeal. The adjournment follows Jane Street’s request for additional documents from SEBI to challenge the regulator’s July 2025 interim order, which temporarily barred the firm from Indian securities markets and mandated the disgorgement of approximately ₹4,800 crore in alleged unlawful gains.

SEBI has resisted the request, labeling it a "fishing expedition" and asserting that it will not share data not directly referenced in its interim order. The regulator also emphasized that its investigation into Jane Street’s trading practices remains ongoing and could result in broader penalties. The SAT has directed SEBI to justify its refusal to provide further documentation, a move that could delay resolution of the case.

The interim order, authored by SEBI’s whole-time member Ananth Narayan G, alleged that Jane Street engaged in systematic market manipulation of India’s stock and derivatives markets from 2023 to 2025, including strategies targeting banking sector benchmarks. Jane Street, which paid the penalty to regain market access, has denied the allegations and filed its appeal with SAT in September 2025.

The case has drawn global attention, with Jane Street’s Indian unit reporting a 494% surge in after-tax profits to ₹28.4 billion for the fiscal year ending March 2025, just before regulatory scrutiny intensified. SEBI’s investigation now includes scrutiny of additional trading strategies, including potential manipulation of India’s main equity index.

With the next hearing scheduled in November, the outcome could set a precedent for regulatory enforcement in India’s capital markets. The adjournment underscores the complexity of the case and the high stakes for both parties.

The Ken, Reuters: The Ken, Reuters
Yahoo Finance: Yahoo Finance