The Securities Appellate Tribunal (SAT) on Wednesday reserved its order in appeals filed by high-frequency trader (HFT) Jane Street seeking additional information and details from the market regulator Securities and Exchange Board of India (Sebi) to prepare its response to the ex-parte order issued on July 3, 2025.
On Wednesday, both Sebi and Jane Street entities submitted their written responses to the tribunal, following arguments.
The tribunal has reserved the order for pronouncement at a later date.
During the hearing, Jane Street argued that it was seeking order logs from the market regulator with details of counterparties, time stamps, price and quantity details, which it noted were “relevant” for their defence.
Sebi argued that it had already provided information which it had relied upon at this stage and the counterparty information was redacted as it is irrelevant as there is no allegation of collusion with counterparties.
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The regulator added that the matter was at the investigative stage.
The case stems from Sebi’s interim order in July 2025, in which the regulator accused US-based Jane Street and its group entities of manipulating the Bank Nifty index through a two-part trading strategy and alleged unlawful gains of about ₹4,843 crore.
Sebi temporarily barred the entities from trading in India, a restriction that was lifted after Jane Street deposited the amount in an escrow account.