Jane Street vs Sebi: What is the case about
US trading firm Jane Street is pushing back against India's market regulator, Sebi, for not sharing full investigation documents in a case about alleged index manipulation.
The case, which centers on an NSE probe from November 2024, has reached the Securities Appellate Tribunal (SAT).
Jane Street argues that having all the records is crucial for a fair defense—highlighting the ongoing tug-of-war between keeping investigations confidential and ensuring companies get due process.
Broader implications of the ongoing case
Previous court cases have already nudged Sebi to be more open—for example, courts made Sebi share key files in both the T. Takano and Reliance Industries cases to protect fair trial rights.
Even so, Sebi says some secrecy is needed while probes are active.
Experts warn that holding back documents can make it tough for companies to defend themselves.
Now, SAT's decision in Jane Street's case could set a new standard for how much access firms get during future investigations.