SEBI said it has handed over the trade-by-trade details it relied on to issue its initial order against Jane Street. Lawyer Gaurav Joshi told the court the file includes actual timing, quantities, and pricing. He added that counterparty names and tax IDs were excluded and will not be provided, since the investigation did not hinge on those records. Until Monday, Jane Street's counsel had argued the logs were largely redacted.
Joshi said the agency has no legal obligation to provide the court with information from up to 60 emails between SEBI and the National Stock Exchange even when the inquiry is over, adding that SEBI has previously said those messages may be placed before the court after the investigation concludes.
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SEBI says the case centers on an allegation that Jane Street influenced pricing in stocks that make up the NSE Nifty Bank Index, a benchmark closely tracked and used as the basis for heavily traded options. According to Joshi, during a span of about two hours the firm picked up over 43 billion rupees worth of cash equities even as it wrote options totaling more than 320 billion rupees. SEBI says Jane Street unwound those stock purchases within a few hours, a move that boosted its derivatives book and, in the watchdog's view, bolsters its allegation that the firm intended to rig the market.
The regulator's interim order from July 2025 temporarily sidelined Jane Street from Indian markets and directed it to park 48.4 billion rupees of alleged unlawful gains in an escrow account. While Jane Street has placed the funds, it has not restarted trading in India.
Jane Street has pressed for more records, including SEBI's communications with the National Stock Exchange. Joshi said the firm wants details from as many as 60 emails exchanged with the bourse. Wrapping up his arguments, he told the court that at some point the requests for documents should stop. Jane Street is slated to deliver its rebuttal on Thursday.
How this shakes out could reshape how global trading firms read the rules for high-speed strategies in one of the world's biggest derivatives venues. If you have exposure to India-focused funds or to brokers tied to local trading volumes, the court's stance on SEBI's evidence and document requests is worth watching because it will influence how active traders participate in that market.
How India resolves this sets precedent for global trading firms. Get the free Market Briefs daily newsletter and follow the case.
