Jane Street has moved the Securities Appellate Tribunal seeking full access to trading and counterparty records in the ₹4,843 crore market manipulation case. The hedge fund argues that without transparency it cannot defend itself against charges of manipulating Bank Nifty stocks and derivatives.
In July 2025 SEBI barred Jane Street from Indian markets and ordered it to return alleged unlawful gains. The regulator claimed the firm bought shares of Bank Nifty constituents in cash and futures markets to support the index while profiting from short positions in options. Jane Street denies the allegations and insists that details of timing, prices and counterparties are essential to test SEBI’s claims. Its counsel told the tribunal that if other groups collectively bought more than Jane Street, the firm alone should not face charges.
The hedge fund also highlighted that earlier studies by NSE and SEBI’s Integrated Surveillance Department found no evidence of manipulation. It alleges that SEBI ignored those findings and acted on a complaint from a UAE hedge fund. Jane Street has further sought access to correspondence between SEBI and NSE regarding the exchange’s study. The matter was last heard on 5 October 2026 and will continue on Tuesday. The case raises important questions about regulatory transparency and fair trial rights in Indian capital markets.