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Time of India
14-07-2025
- Business
- Time of India
Jane Street Sebi ban: F&O trade volumes drop nearly 20%; both BSE and NSE shares take a hit
NEW DELHI: India's booming futures and options (F&O) market saw a sharp dip in trading activity last week, with volumes dropping by nearly 20%, following Securities and Exchange Board of India's (Sebi) ban on New York-based quantitative trading firm Jane Street over alleged market manipulation. Tired of too many ads? go ad free now The daily average turnover in index options on the NSE, which dominates India's derivatives trade fell by 17.4% compared to the previous week. Analysts said that a quick recovery to recent peak volumes appears unlikely, potentially impacting earnings for stock exchanges in the near term. "The recent dip in options turnover is likely due to the exit of a large market-making participant, which has impacted market liquidity and efficiency," Vaibhav Sanghavi, CEO, ASK Hedge Solutions told ET. Sebi issued an interim directive last week, alleging that the US-based firm orchestrated deliberate market manipulation and accumulated profits of approximately Rs 36,500 crore. The regulatory body's investigation revealed that Jane Street conducted concurrent transactions across various market segments, including cash equities, stock futures, index futures and index options, allegedly in a calculated manner to influence market movements. The regulatory investigation revealed that Jane Street maintained "consistently the largest risks in 'cash equivalent' terms in F&O, particularly on index option expiry days." Jane Street's absence has influenced other major firms to reduce their trading volumes. Thursday's weekly options expiry, traditionally the most active trading session, witnessed a decline of over 21% in turnover to approximately Rs 472.5 lakh crore from Rs 601.2 lakh crore the previous week, according to ETIG data. Tired of too many ads? go ad free now Vipin Kumar, assistant vice-president of derivatives and technical research at Globe Capital Market, said that index futures volumes dropped nearly 24% during the expiry week of July 4–10, while index options volumes declined by 16.5%, compared to the previous expiry week. Shares of both BSE and NSE (not listed) took a hit amid the drop in trading volumes. Since Sebi issued its order on July 3, NSE's unlisted shares have fallen by 6% as of July 13, while BSE's listed stock has declined 16%, according to data from "On July 11, Nifty breached that range on the downside and we recorded a sharp uptick in the volumes of index futures, stocks futures and stocks options that were up by 17%, 18% and 28%, respectively compared with the same day the previous week," Sanghavi told ET. Sanghavi further added that while this surge may temporarily lower overall turnover, it helps create a more balanced market by reducing the edge held by high-frequency or algorithmic traders, who typically contribute 40-45% of options trading volumes.
Economic Times
14-07-2025
- Business
- Economic Times
F&O trade volumes slump nearly 20% after Sebi ban on Jane Street
Agencies Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Mumbai: Volumes on India's thriving futures and options dropped nearly a fifth last week after Securities and Exchange Board of India's (Sebi) ban on New-York-based quantitative trading firm Jane Street for alleged market manipulation . The recovery to the recent peak in trading activity may not happen immediately, which may squeeze exchanges' earnings. The daily average turnover in index options trade on the NSE, which commands the majority in derivatives trading volumes in India, declined by nearly 17.4% last week from previous week."The recent dip in options turnover is likely due to the exit of a large market-making participant, which has impacted market liquidity and efficiency," said Vaibhav Sanghavi, CEO, ASK Hedge interim, ex-parte order probed into alleged index manipulation by Jane Street involving bank shares and Bank Nifty index futures and options, while banning it from trading in Indian market. The regulator's investigations showed the trading firm was engaged in manipulative trades on expiry days of Bank Nifty derivatives that pushed outcome in its favour. The absence of Jane Street in market has had a ripple effect with other large firms cutting the size of their the weekly options expiry day of Thursday-the most active trading day-turnover was down over 21% to about ₹472.5 lakh crore from ₹601.2 lakh crore a week ago, as per data from ETIG. Vipin Kumar, assistant vice-president of derivatives and technical research at Globe Capital Market, said during the entire expiry week (July 4 to July 10), index futures volumes were down by nearly 24% while index options volume was down by 16.5%, when compared with the entire previous expiry week (June 27 to July 3). Shares of BSE listed on the NSE, and NSE traded in unlisted market, declined in face of drop in volumes. Since Sebi put out order on July 3, NSE shares have dropped 6% to ₹2,150 as on July 13, as per data from BSE stock is down 16%. "It's too early to determine if this loss of turnover is permanent, but it will certainly impact revenues at the exchange-level if prolonged," said said volumes may have also declined as a result of lower volatility due to choppy trading since the start of July. 'The index was trading in a tight range of less than a percent and volumes are usually low during this kind of market move,' he said.'On July 11, Nifty breached that range on the downside and we recorded a sharp uptick in the volumes of index futures, stocks futures and stocks options that were up by 17%, 18% and 28%, respectively compared with the same day the previous week.'Sanghavi said that while this may reduce turnover in the short term, it also creates a more level playing field, limiting the advantage of high-frequency or algorithmic traders who typically account for 40-45% of options volume. Rajesh Palviya, head of technical and derivatives research at Axis Securities, said liquidity could improve once mutual funds launch SIFs, which could build derivative books of Rs 30,000- Rs 40,000 crore over time
Time of India
14-07-2025
- Business
- Time of India
F&O trade volumes slump nearly 20% after Sebi ban on Jane Street
Agencies Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Mumbai: Volumes on India's thriving futures and options dropped nearly a fifth last week after Securities and Exchange Board of India's (Sebi) ban on New-York-based quantitative trading firm Jane Street for alleged market manipulation . The recovery to the recent peak in trading activity may not happen immediately, which may squeeze exchanges' earnings. The daily average turnover in index options trade on the NSE, which commands the majority in derivatives trading volumes in India, declined by nearly 17.4% last week from previous week."The recent dip in options turnover is likely due to the exit of a large market-making participant, which has impacted market liquidity and efficiency," said Vaibhav Sanghavi, CEO, ASK Hedge interim, ex-parte order probed into alleged index manipulation by Jane Street involving bank shares and Bank Nifty index futures and options, while banning it from trading in Indian market. The regulator's investigations showed the trading firm was engaged in manipulative trades on expiry days of Bank Nifty derivatives that pushed outcome in its favour. The absence of Jane Street in market has had a ripple effect with other large firms cutting the size of their the weekly options expiry day of Thursday-the most active trading day-turnover was down over 21% to about ₹472.5 lakh crore from ₹601.2 lakh crore a week ago, as per data from ETIG. Vipin Kumar, assistant vice-president of derivatives and technical research at Globe Capital Market, said during the entire expiry week (July 4 to July 10), index futures volumes were down by nearly 24% while index options volume was down by 16.5%, when compared with the entire previous expiry week (June 27 to July 3). Shares of BSE listed on the NSE, and NSE traded in unlisted market, declined in face of drop in volumes. Since Sebi put out order on July 3, NSE shares have dropped 6% to ₹2,150 as on July 13, as per data from BSE stock is down 16%. "It's too early to determine if this loss of turnover is permanent, but it will certainly impact revenues at the exchange-level if prolonged," said said volumes may have also declined as a result of lower volatility due to choppy trading since the start of July. 'The index was trading in a tight range of less than a percent and volumes are usually low during this kind of market move,' he said.'On July 11, Nifty breached that range on the downside and we recorded a sharp uptick in the volumes of index futures, stocks futures and stocks options that were up by 17%, 18% and 28%, respectively compared with the same day the previous week.'Sanghavi said that while this may reduce turnover in the short term, it also creates a more level playing field, limiting the advantage of high-frequency or algorithmic traders who typically account for 40-45% of options volume. Rajesh Palviya, head of technical and derivatives research at Axis Securities, said liquidity could improve once mutual funds launch SIFs, which could build derivative books of Rs 30,000- Rs 40,000 crore over time
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Business Standard
22-06-2025
- Business
- Business Standard
With 14% avg returns, Sensex could hit 300K in 10 yrs: Vaibhav Sanghavi
Vaibhav Sanghavi said that India would be one of the very few countries that will do very well in a global environment where almost all countries will be struggling for reasonable growth premium Listen to This Article It has been a volatile calendar year 2025 for the markets thus far. Vaibhav Sanghavi, chief executive officer at ASK Hedge Solutions, tells Puneet Wadhwa over a telephone conversation that India would be one of the very few countries that will do very well in a global environment where almost all countries will be struggling for reasonable growth. Edited excerpts: Do you expect the markets to trade sideways over the next few months in the absence of triggers? What probability do you attach to the Nifty ending closer to the 20,000 mark by the end of December 2025? On a
Time of India
20-05-2025
- Business
- Time of India
ASK Hedge Solutions' Absolute Return Fund crosses Rs 1,500 crore in AUM; details here
ASK Hedge Solutions , part of the Blackstone-backed ASK Asset & Wealth Management Group, has achieved a significant milestone with its ASK Absolute Return Fund surpassing Rs 1,500 crore in Assets Under Management (AUM). Launched in February 2024, with a minimum investment requirement of Rs 1 crore, the fund has gained traction among investors seeking superior risk-adjusted returns . Since its inception, the fund has generated impressive returns, outperforming other liquid fixed-income alternatives from a 12-month perspective, according to a press release. Also Read | Over 260 debt mutual funds beat fixed deposits rate in 2 years. Should you switch? Best MF to invest Looking for the best mutual funds to invest? Here are our recommendations. View Details » by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks Undo The ASK Hedge Solutions team continues to lead the charge in promoting Category III Alternative Investment Funds (AIFs) in India, offering compelling opportunities for investors across the risk spectrum. The ASK Absolute Return Fund, designed as a conservative multi-strategy long-short fund with a primary focus on capital preservation, is particularly suited for investors with a moderate risk appetite who seek to capitalise on the fund management team's skill set to outperform traditional fixed income alternatives. Live Events 'We are delighted to announce that ASK Absolute Return Fund has surpassed the Rs 1,500 crore AUM milestone , a testament to the consistent performance of the strategy and the trust placed in us by our investors and distribution partners,' said Vaibhav Sanghavi, CEO, ASK Hedge Solutions 'As early movers in this category, we take pride in having pioneered a differentiated approach, and this achievement underscores the strength of our investment philosophy and the enduring confidence of our stakeholders. Alternates present a significant opportunity in India, and we are well-positioned to capitalise on it,' he added Also Read | Franklin Templeton India Mutual Fund announces merger of its two international funds, to change name of surviving schem ASK Hedge Solutions launched its second fund – an index-plus strategy in December last year. 'Our focus on consistency with capital preservation has aided in delivering the industry-leading performance. It is our constant endeavour to add value to investors' portfolios by offering various 'Risk-Adjusted Returns,' said Piyush Shah, CIO, ASK Hedge Solutions.
