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Time of India
08-07-2025
- Business
- Time of India
Jane Street case: Ex-Sebi chief Madhabi Buch denies regulatory failures
Madhabi Buch (File photo) Mumbai: Former Sebi chief Madhabi Puri Buch has come out strongly against those pointing fingers at the regulator in the Jane Street market manipulation case, indicating it was a regulatory failure due to which US-based algo trading major Jane Street thrived with its alleged illegal acts for years. On Tuesday, Puri Buch issued a statement saying it was in April 2024 (when she was at the helm) that Sebi had formed a team of officials from various departments and started looking into Jane Street's affairs. The statement by Puri Buch came on the day Jane Street told its employees that Sebi had "many erroneous or unsupported assertions" about its trading activity in the country and it would "defend itself against the accusations". The trading firm said it strongly rejected "the premise and substance of (Sebi's) order", and said the markets regulator was "fundamentally mistaken" about its trades, reports noted. Jane Street also said its trading activities were "unambiguously good for the health of financial markets". On her part, Puri Buch, through a one-page statement, said that the "identification of index manipulation by Jane Street and initiation of numerous actions (by the regulator), including a cease & desist instruction, were carried out by Sebi between April 2024 and Feb 2025." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Top 25 Most Beautiful Women In The World Articles Vally Undo Puri Buch left her office on February 28, 2025 after completing her three-year term. On July 3, that is more than a year after it started investigating Jane Street's affairs in India, Sebi banned the US-based algo trading major and three of its arms from the Indian market. Sebi also asked Jane Street to disgorge nearly Rs 4,850 crore that it sees as ill-gotten profit. In her statement, the former Sebi chief said that some entities in the market were trying to "create a false narrative by implying that there was regulatory failure by Sebi in the (Jane Street) matter during that period and attributing false motives for the same". " Right from April 2024, Sebi was seized of the matter relating to the Jane Street group and took numerous steps to examine and investigate the extremely complex structures and strategies deployed by them and to verify and analyse the data. " Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
28-05-2025
- Business
- Time of India
Lokpal nixes 5 plaints against Sebi ex-chief
Photo/Agencies NEW DELHI: In a relief for former Sebi chief Madhabi Puri Buch , anti-corruption watchdog Lokpal has disposed of complaints against her, describing them as "untenable, unsubstantiated and bordering on frivolity". After examining all five charges against Puri Buch, the agency decided against ordering an investigation. "...we have concluded that the allegations in the complaint(s) are more on presumptions and assumptions and not supported by any verifiable material and do not attract the ingredients of the offences," it said. Complainants, including Trinamool lawmaker Mohua Moitra, had approached the Lokpal, alleging conflict of interest and quid pro quo by Buch during her tenure as a whole-time member and subsequently as Sebi chairman. "...the complaint(s) under consideration were essentially founded on the Hindenburg Report dated Aug 10, 2024, by a known short seller trader whose focus was to expose or corner Adani Group of companies. As noted in our order dated Sept 20, 2024, that report by itself cannot be made the sole basis to escalate action against the RPS (respondent public servant)," the six-member bench led by chairperson Justice AM Khanwilkar said in its 36-page order. There were five main allegations, including the former regulator and her husband Dhaval Buch investing in a fund linked to investments in Adani group companies which were under scrutiny for stock price manipulation. Puri Buch was accused of not disclosing her investments. Based on her response, the Lokpal concluded that she was not involved with the probe and she and her spouse had redeemed their investments before the investigations started. It also noted that Puri Buch and Dhaval were not in control of where the fund invested the money. On allegations that Dhaval received money from M&M Group on the pretext of consultancy, Lokpal said he was a qualified professional who took up the assignment post-retirement and his remuneration was much less than what he earned at Unilever. It also dismissed suggestions of Puri Buch influencing cases against M&M Group, pointing out that three cases were not related to the group. The watchdog also dismissed charges of quid pro quo in the case of Blackstone, where Dhaval was engaged in a consulting role. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
