Jane Street appeals SEBI's ₹48.4 billion Nifty Bank index seizure
Jane Street Group LLC, the Wall Street firm, is pushing back after India's market regulator, SEBI, accused it of manipulating stock prices in the Nifty Bank Index.
SEBI even seized about ₹48.4 billion ($503 million), claiming those were unfair profits.
Jane Street isn't taking it lightly. They've officially appealed the July 2025 order.
Jane Street asks SEBI for transparency
Jane Street says earlier regulatory checks found nothing wrong with their trades.
Their lawyer, Darius Khambata, told the court that stocks in this index fell or rose irrespective of its trading activity.
They're also asking for more transparency from SEBI about how the investigation was run, saying missing information goes against "natural justice."
This all comes as SEBI steps up its watch on India's options market, where retail investors lost about $9.6 billion in the year ended March.
The next hearing is set for October 6.