Jane Street Tells Court Firm Has No Motive to Delay India Probe

Jane Street Group LLC said it has no incentive to delay the Indian regulator’s investigation into alleged market manipulation as the Wall Street trading giant has to protect its reputation globally.

The firm has already deposited a fine of 48.4 billion rupees ($500 million) and is not trading in the country, Darius Khambata, a lawyer representing Jane Street, told a local court Thursday as both parties concluded their oral arguments. It “doesn’t make sense” to delay, he said, rejecting the regulator’s accusation of stalling the probe.

Khambata said Jane Street had explained its India trading strategies, which align with global practices, to the Securities and Exchange Board of India before it began its investigation.

The dispute has attracted global attention as the outcome may shape how trading firms view the risks of operating in one of the world’s largest derivatives markets.

In its July 2025 interim order, SEBI temporarily banned Jane Street for allegedly influencing prices of stocks on the NSE Nifty Bank Index to profit from its positions in the options market. The regulator also ordered the seizure of 48.4 billion rupees worth of alleged unlawful gains.

SEBI Says Jane Street’s Appeal for More Details a Delaying Ploy

The Wall Street trader, which says it wasn’t given a chance to defend itself before the order, denied any wrongdoing and appealed in the Securities Appellate Tribunal seeking additional documents.

These documents could potentially exonerate the firm, Khambata said.

Jane Street has sought order logs for all stocks reviewed by SEBI, arguing that these could reveal whether Jane Street was fulfilling existing sell or buy trades or affecting prices by creating fresh demand.

The regulator argued it is only bound to provide records of actual trades that it relied upon to pass its interim order.

India Regulator Presses Jane Street to Respond After Data Share

Khambata also alleged the metadata showed that the regulator had misrepresented dates of certain documents, an accusation that SEBI denied.

Both parties have to file written arguments by Oct. 21 before the court starts deliberating on its judgment.