SAT Demands Sebi's Clarification on Withheld Documents in Jane Street Case

The Securities Appellate Tribunal (SAT) on Tuesday urged the Securities and Exchange Board of India (Sebi) to clarify its reasons for not sharing specific documents with hedge fund Jane Street. The tribunal set a three-week deadline for Sebi ahead of a hearing scheduled for November 18.

During the initial hearing, Sebi's counsel revealed that the regulator had already handed over 10 GB of data to Jane Street but maintained that the ban imposed in July was an interim decision, with a conclusive order still pending. Sebi accused Jane Street of withholding its trading strategies while demanding access to internal circulars.

On July 3, Sebi ordered Jane Street to return over Rs 4,800 crore alleged to have been gained through market manipulation and barred it from the capital markets. Jane Street has since appealed this interim order, arguing that vital documents for its defense have been denied. Despite settling the penalty, the firm is yet to recommence trading in Indian markets.

(With inputs from agencies.)