SEBI's only board member with trading experience steps down
Ananth Narayan, one of SEBI's top leaders and the only board member with hands-on trading experience, is stepping down this October as his three-year term wraps up.
He's known for spearheading the investigation into alleged market manipulation by global trading giant Jane Street.
Narayan was part of the Jane Street case
Narayan signed SEBI's July order that temporarily banned Jane Street from trading in Indian markets, a ban that was lifted after the firm deposited funds in escrow, and required Jane Street to deposit nearly ₹4,843 crore (about $545 million) in an escrow account.
The case—accusing Jane Street of manipulating index options and prices of Indian bank stocks and related indices—has grabbed headlines, with Jane Street denying any wrongdoing and appealing the ban.
The next big hearing is set for November 18.
Before joining SEBI, Narayan spent over 25 years in banking
Before joining SEBI in 2022, Narayan spent over 25 years in global banking at places like Standard Chartered and NSE Gift City.
At SEBI, he led enforcement, market supervision, and investor protection efforts—bringing technical know-how to some major regulatory reforms.
Narayan's exit leaves a significant gap at SEBI
With Narayan leaving, one of two Whole-Time Director seats at SEBI goes vacant just as India's markets face new challenges.
His exit means SEBI loses a rare mix of real-world trading expertise and regulatory insight right when it matters most.