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Reuters
4 hours ago
- Reuters
Jane Street to challenge market manipulation charges by Indian regulator, email shows
July 7 (Reuters) - Jane Street plans to contest a finding by India's financial regulator that the U.S. trading firm engaged to manipulate the country's markets, according to the company's internal email seen by Reuters. Jane Street's email sent to its employees said it was "beyond disappointed" by the regulator's "extremely inflammatory" accusations and was working on a formal response. On Friday, the Securities and Exchange Board of India barred the firm from buying and selling securities in the Indian market and also seized $567 million of its funds. SEBI has widened an investigation into alleged market manipulation by Jane Street to include other indexes and exchanges, a source told Reuters last week. "It's deeply upsetting to see the firm mischaracterised this way," the Jane Street email read. "Once again, we left this process feeling that we had reached an understanding of the concerns and reflected them in modifications to our trading behaviour." "Since February, we have made ongoing efforts to communicate with SEBI and have been consistently rebuffed." The regulator alleged that Jane Street bought large quantities of constituents in India's Bank Nifty (.NSEBANK), opens new tab index in the cash and futures markets to artificially support the index in morning trade, while simultaneously building large short positions in index options. The regulator's investigation tracked Jane Street's trading patterns over more than two years. SEBI did not immediately respond to Reuters requests for comment outside regular hours. India's markets regulator is enhancing its surveillance to scrutinize manipulation in derivatives trading, its chairman said on Monday. India is the world's largest derivatives market, accounting for nearly 60% of global equity derivative trading volumes of 7.3 billion trades in April, the Futures Industry Association says. Financial Times was the first to report the news about Jane Street's plan to contest the finding.
Reuters
5 hours ago
- Reuters
India markets regulator to enhance surveillance against derivatives manipulation, chairman says
July 7 (Reuters) - India's markets regulator is enhancing its surveillance to scrutinize manipulation in derivatives trading, its chairman said on Monday, days after it barred U.S. firm Jane Street from the local markets after its investigation found the firm manipulated stock indexes. "There may not be many more such cases," Chairman Tuhin Kanta Pandey said without elaborating. India is the world's largest derivatives market, accounting for nearly 60% of the 7.3 billion equity derivatives traded globally in April, according to the Futures Industry Association. The surge in derivatives trading, which has also been driven by retail investors, has prompted the Securities and Exchange Board of India (SEBI) to limit the number of contract expiries and increase lot sizes to make such trades more expensive. On Friday, SEBI barred trading firm Jane Street from buying and selling securities in the Indian market and also seized $567 million of its funds, citing manipulation of stock indexes. The regulator alleged that the trading firm had bought large quantities of Bank Nifty (.NSEBANK), opens new tab constituents in the cash and futures markets to artificially support the index in morning trade, while simultaneously building large short positions in index options. Later in the day, Jane Street reversed the trades to profit from options positions, SEBI had said in its 105-page order. A source told Reuters on Friday that SEBI would widen its investigation into Jane Street across exchanges and other indexes.
The Independent
9 hours ago
- The Independent
Modi government's equality boast draws ‘intellectual dishonesty' accusation
India 's government claimed the country ranked fourth globally in income equality, citing a World Bank report. The World Bank's April report noted a significant reduction in extreme poverty, from 16.2 per cent to 2.3 per cent, and an improvement in its consumption-based Gini index. However, the World Bank also warned of data limitations and its own report highlighted that income inequality, according to the World Inequality Database, has risen. India's opposition party, the Indian National Congress, accused the government of "intellectual dishonesty," stating no country with a high poverty rate could make such a claim. Economists and the opposition argue that using income-based Gini figures or different poverty benchmarks paints a far less equal picture, with one analysis ranking India 176th globally for income inequality.
