SAT reserves order on Jane Street plea for additional Sebi records

Jane Street, the algorithmic trading firm, has moved the Securities Appellate Tribunal (SAT) requesting additional records from the Securities and Exchange Board of India (Sebi) as it prepares its defence against an interim order passed in July 2025. The company has specifically sought order logs and counterparty transaction details that it argues are essential to mount an effective response to the regulator's findings.

The interim order alleged that Jane Street engaged in manipulative trading practices affecting the Bank Nifty index. The company contends that access to comprehensive order-level data and details of transactions with counterparties will enable it to demonstrate the legitimate commercial rationale behind its trading activities and refute the manipulation charges.

The tribunal has reserved its order on the plea, indicating that both parties have completed their submissions. A decision is awaited on whether Jane Street will be granted access to the additional documentation sought from Sebi's records. Such access could prove pivotal in shaping the company's defence strategy in the ongoing proceedings.