SEBI Opposes Jane Street's Demand for More Records in SAT Hearing
What Happened
SEBI told the Securities Appellate Tribunal (SAT) that the documents sought by Jane Street were far from a "short list" and included a wide range of records, communications and data. The regulator said it has already shared all documents relied upon in its case and will not disclose confidential counterparty information or materials that could affect the ongoing investigation. SEBI argued that Jane Street has already received more than 10 GB of data and that the trading firm's continued demand for additional documents amounts to a delaying tactic rather than a response to the market-manipulation allegations.
Key Takeaways
The dispute is shaping into a key procedural battle in SEBI's market-manipulation case against Jane Street. The regulator maintains that the firm has sufficient information to defend itself, while Jane Street argues it needs access to underlying trading and counterparty data to challenge SEBI's allegations.