SEBI allows Jane Street to resume trading in Indian market
However, the US firm will stay away from trading in both the options and cash markets until it resolves several issues with the regulator, according to a Reuters report citing sources.
The development follows Jane Street's request to SEBI to lift certain restrictions imposed in its interim order dated July 3. In response, the firm deposited Rs 4,843.57 crore — the amount SEBI alleged it had unlawfully gained — into an escrow account with a lien in favour of the regulator.
After reviewing the matter in line with its earlier directions, SEBI allowed the firm to re-enter the market, though legal proceedings are ongoing. Jane Street clarified that the deposit was made without prejudice to its legal rights and remedies, which it intends to pursue.
In the July 3 order, SEBI accused Jane Street of manipulating Nifty futures and ordered it to cease all trading in Indian securities markets until the alleged profits were recovered. The interim action had an immediate impact — on July 11, the first weekly expiry after the ban, NSE's equity derivatives turnover dropped nearly 21% compared to the July 3 session.
Legal experts say SEBI was within its rights to ease restrictions once Jane Street complied with the monetary directive. 'The July 3 order was interim. Now that Jane Street has deposited the amount, SEBI can consider modifications,' one expert noted.
Jane Street, a major player in India's derivatives space, had strongly rejected SEBI's allegations. In internal communications, the firm called the regulator's claims 'extremely inflammatory' and said it was deeply disappointed.
The firm denied orchestrating any 'intentional, well-planned and sinister scheme,' and insisted that its trading on January 17, 2024 — a key date in SEBI's probe — was standard arbitrage activity, a common and legitimate strategy.
Jane Street also disputed SEBI's use of certain metrics to assess market manipulation and said it did not ignore the National Stock Exchange's (NSE) concerns. On the contrary, it claimed to have voluntarily paused trading to address feedback and later revised its strategies accordingly.
'We believed we had reached a shared understanding with NSE and reflected that in our trading adjustments,' the firm stated in an internal memo. 'Since February, we've made repeated efforts to engage with SEBI but have been consistently turned away.'
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