
Market manipulation ‘will not be tolerated,' warns SEBI Chairman Tuhin Kanta Pandey
Sebi on Friday barred US-based Jane Street Group from the Indian securities markets and ordered them to disgorge unlawful gains of ₹ 4,843 crore for unlawful gains — potentially the highest disgorgement ever.
Jane Street allegedly manipulated the stock indices through positions taken in the derivatives segment.
In its interim order, Sebi has debarred the Jane Street Group, consisting of the following companies: JSI Investments, JSI2 Investments Pvt Ltd, Jane Street Singapore Pte Ltd, and Jane Street Asia.
The investigation into the activities of the group is ongoing, the news agency reported.
Speaking at an event organised by the Bombay Chartered Accountants Society, Chairman Tuhin Kanta Pandey confirmed that surveillance has been increased both by the regulator and also at the exchange level to deter future misconduct.
The Sebi chief made it clear that CAs must adhere to some 'non-negotiable responsibilities, which includes transparency in disclosing related party transactions, managing conflicts of interest and presenting material developments in a timely manner.'
"You have a critical responsibility to ensure that corporate governance is not reduced to a checklist," he advised the CAs.
While tough on manipulation, the Sebi chairman also spoke in favour of not having too much of compliance.
"We are also mindful that too much information, too much compliance adds to a big compliance burden which may not actually serve the interest that we really intend to serve," he said.

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