Indian Appeals Court Directs SEBI to Respond to Jane Street’s Document Claims

An Indian appeals court has instructed the Securities and Exchange Board of India (SEBI) to address allegations by Jane Street Group LLC that crucial documents were withheld in a market manipulation case. The Securities Appellate Tribunal (SAT) set a three-week deadline for SEBI's response, with the next hearing scheduled for November 18.

Jane Street, a prominent US trading firm, contends that access to SEBI–NSE emails and whistleblower communications is essential for its defense. SEBI maintains that no additional documents beyond those already provided are necessary, as the investigation remains ongoing. The case underscores tensions between global financial players and regulatory bodies in emerging markets.

The outcome could influence how international firms navigate India's rapidly growing derivatives market, which has become a focal point for algorithmic trading strategies. Regulatory clarity and procedural transparency will be critical factors as this legal battle unfolds.