Jane Street vs Millennium: A US tech feud sparked India's biggest market probe
SEBI has banned US-based Jane Street and its affiliates from Indian stock markets for manipulating the Bank Nifty and Nifty 50 indices.
Between January 2023 and May 2023, the firm used coordinated trades—buying heavily early in the day, then selling off—to artificially move index prices.
This tricked regular investors and led to illegal profits of ₹4,843 crore ($570 million), which SEBI has now seized.
Jane Street used offshore accounts to dodge Indian taxes
Jane Street ignored repeated warnings from SEBI earlier this year.
Now, it has 21 days to respond and must park the seized money in a SEBI-controlled account.
The firm can't make any new trades but is allowed to close existing ones under supervision.
Meanwhile, SEBI is digging deeper into how Jane Street used offshore accounts in Singapore and Hong Kong to dodge Indian taxes—something that's also caught the attention of tax authorities for possible violations.