Jane Street vs SEBI: Who's winning the transparency battle
SEBI, India's market regulator, and global trading firm Jane Street are locked in a transparency dispute.
SEBI hit Jane Street with a trading ban and a hefty ₹4,844 crore fine this July, accusing the firm of manipulating benchmark indices.
Jane Street is pushing back, saying key surveillance reports that could clear its name haven't been shared.
What's at stake
Jane Street wants access to 61 documents—including one from December 2024 it says proves its innocence—but SEBI is only sharing what it used in its investigation.
Now, the Securities Appellate Tribunal (SAT) has paused hearings until November 18 to decide if SEBI must hand over more evidence.
The outcome could set new rules for how much evidence regulators have to share—shaping fairness and trust for anyone involved in India's markets going forward.