Securities and Exchange Board of India accused global hedge fund Jane Street of using delaying tactics in the ongoing tribunal case. SEBI’s counsel Gaurav Joshi told the Securities Appellate Tribunal that the firm is questioning the regulator instead of explaining its own trading strategy. He used the Hindi proverb “ulta chor kotwal ko daante” meaning the thief scolds the police.
Jane Street has demanded detailed trading records including counterparties, timing and prices. The firm claims SEBI’s allegations cannot be tested without full data. It also pointed to earlier surveillance reviews by NSE and SEBI in 2024 that found no manipulation. SEBI rejected this demand, saying providing extra documents could harm the investigation and insisting Jane Street must clarify its trading methods.
The dispute began after SEBI’s interim order on July 3, 2025 banned Jane Street from Indian securities trading and directed seizure of ₹48.4 billion, about $503 million, in alleged unlawful gains. Jane Street deposited the amount in escrow but has not resumed trading. The matter has already been delayed for more than 18 months.
At the centre of the case is whether Jane Street manipulated prices of the NSE Bank Nifty Index to profit from options. The outcome will have global implications for foreign trading firms in India’s derivatives market, with potential impact of more than 100% on trust in surveillance systems.
