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Mint
8 hours ago
- Mint
Market manipulation ‘will not be tolerated,' warns SEBI Chairman Tuhin Kanta Pandey
Sebi chairman Tuhin Kanta Pandey on Saturday declared that market manipulation is 'not going to be tolerated.' His message comes a day after the regulator slapped an interim order against New York-based hedge fund manager Jane Street. 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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Business Standard
8 hours ago
- Business Standard
Zero tolerance for market manipulation: Sebi chief on Jane Street case
Tuhin Kanta Pandey, Chairman, the Securities and Exchange Board of India (Sebi), warned on Saturday that market manipulations, such as those allegedly committed by Jane Street, will not be tolerated. In a significant move against a high-frequency trading firm, Sebi has barred New York-based Jane Street and its group companies from the domestic market for allegedly manipulating the Nifty Bank index. In an interim order dated July 3, Sebi ordered the impounding of Rs 4,844 crore in "unlawful gains" made by the US trading firm. This marks the highest-ever impounding by the regulator. 'Surveillance is in place, we have effectively increased the number of personnel in surveillance both at the exchange level as well as the Sebi level. So, this is basically a surveillance issue and we are keeping track more closely,' said Pandey speaking on the sidelines of an event by the Bombay Chartered Accountants' Society. When asked about potential probes into other foreign players, the Sebi Chairman emphasised, "We are now looking at everything. Market manipulation will not be tolerated." The 105-page Sebi order notes that Jane Street allegedly established entities in India to bypass Foreign Portfolio Investor (FPI) regulations. Several high-frequency trading firms (HFTs) have recently set up offices in India. A final order in the matter is expected in a few months, as the regulator continues to investigate other indices and market segments where Jane Street may have deployed similar strategies. While the current order is limited to a few strategies undertaken by the high-frequency trading firm in Bank Nifty, Sebi is also investigating activities in other indices, such as the Nifty 50 and the BSE Sensex. The current order is based on only 18 days of Bank Nifty index manipulation and three days of Nifty index manipulation on expiry days. Sources indicate that the market regulator is investigating other expiry days across exchanges to identify any potential patterns. Furthermore, the market regulator has strengthened intraday surveillance, particularly regarding position limits.
Time of India
9 hours ago
- Time of India
Sebi warning: After action against Jane Street, chairman says 'market manipulation won't be tolerated'
SEBI Chairman Tuhin Kanta Pandey Capital markets regulator Sebi stepped up surveillance for the stock market and warned that any kind of manipulation will not be tolerated. Sebi Chairman Tuhin Kanta Pandey made this clear on Saturday, a day after the regulator passed an interim order against US-based hedge fund Jane Street Group. Pandey said monitoring has been tightened both by Sebi and at the stock exchange level. When asked if similar behaviour had been seen with other foreign investors, he responded, "All what I can say that market manipulation is not going to be tolerated". Earlier, on Friday, the regulator barred Jane Street Group from participating in the Indian securities market and ordered it to return illegal gains worth Rs 4,843 crore. The group has been accused of manipulating stock indices through positions in the derivatives market. This may be the highest ever disgorgement ordered by Sebi. In its interim order, Sebi prohibited four entities: JSI Investments, JSI2 Investments Pvt Ltd, Jane Street Singapore Pte Ltd, and Jane Street Asia Trading, from trading until further notice, while investigations continue. Later in the day, at an event hosted by the Bombay Chartered Accountants Society, Pandey also stressed the importance of transparency and ethics in corporate governance. He told chartered accountants that disclosing related party transactions, managing conflicts of interest, and reporting key developments on time were "non-negotiable responsibilities". "You have a critical responsibility to ensure that corporate governance is not reduced to a checklist," he said, addressing the CAs. Pandey also said that excessive compliance requirements can become burdensome and may not always serve their intended purpose. "We are also mindful that too much of information, too much of compliance adds to a big compliance burden which may not actually serve the interest that we really intend to serve," he said. 'We would also like to see wherever we have the possibility of doing better results with less compliance, less information, less onerous responsibility and less micromanagement on the part of regulator,' he added, inviting suggestions for improvement. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
