September 9, 2025

The drama heats up in India's financial markets! On Tuesday, the Securities Appellate Tribunal (SAT) of India gave a fiery instruction to SEBI, the markets watchdog. It ordered SEBI to explain within three weeks why it cannot share more documents related to the Jane Street investigation. This is no ordinary case — Jane Street, a U.S.-based high-frequency trading giant, is fighting back against allegations of market manipulation. The tribunal also threw a wrench into SEBI's plans by directing it to halt any personal hearings with Jane Street until the case is reviewed again on November 18. This pause means any confirmatory order SEBI planned to issue will be delayed, since their rules require a hearing before the final decision. Last week, Jane Street boldly filed an appeal asking SEBI to reveal documents it believes are key to proving its innocence against market manipulation charges. But SEBI fired back on Tuesday, saying the probe and final decision could be much bigger. It stubbornly refused to share any documents not cited in its order. SEBI added that the investigation is at "a critical juncture and is ongoing," hinting that the case is far from over. With such high stakes and big players, this financial saga promises to keep the market pulse racing until at least November. Reported by Nishit Navin and Jayshree P Upadhyay; Editing by Janane Venkatraman and Mrigank Dhaniwala.

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Tags: Jane street, Sebi, Securities appellate tribunal, Market manipulation, High-frequency trading, India markets,