US-based trading firm Jane Street Group on Thursday alleged before the Securities Appellate Tribunal (SAT) that a preliminary examination report relied upon by the Securities and Exchange Board of India (SEBI) was prepared after the regulator's July 3, 2025 ex-parte order and subsequently used to bolster its case.
The allegation came as oral arguments in Jane Street's appeal against SEBI's interim order concluded before SAT.
Senior advocate Darius Khambata, appearing for Jane Street, referred to a preliminary examination report made available to the firm during inspection and claimed that it contained language identical to portions of SEBI's July 3 ex-parte order.
Khambata said Jane Street had examined the metadata of the electronic documents and claimed the analysis showed that the report was prepared on July 23, 2025, after the ex-parte order.
“Our analysis of metadata shows that this was prepared on 23rd of July, after the ex-parte order,” Khambata said. He contended that the report was prepared “to bolster” the case and said the issue would be raised in Jane Street's rejoinder.