The Securities Appellate Tribunal (SAT) has reserved its order until 21 October on an appeal by US-based market maker Jane Street, bringing an end to verbal arguments in its ongoing legal battle with the Securities and Exchange Board of India (Sebi) over access to key evidence.
The dispute stems from Sebi’s July 2025 ex-parte interim order, which barred Jane Street from the Indian securities market and directed it to disgorge ₹4,843 crore in alleged unlawful gains.
The regulator accused the hedge fund of manipulating the Bank Nifty index by using trades in cash and futures markets to artificially support the index while building large short positions in index options.
Arguing before a SAT bench comprising presiding officer Justice (Retd.) P. S. Dinesh Kumar and Technical Members Dr. Dheeraj Bhatnagar and Meera Swarup, the hedge fund contended that Sebi has withheld crucial documents and data used to build its case.
Jane Street's demands include trade and order logs with counterparty details such as trade quantity, price, and execution time, along with correspondence between Sebi and NSE, among other things.