India's Markets Regulator Ordered to Clarify Document Disclosure in Jane Street Case
India's Securities Appellate Tribunal has demanded the markets regulator to clarify its stance on non-disclosure of additional documents in the Jane Street case within three weeks. Personal hearings are paused till November 18, delaying the regulator's confirmatory order. SEBI's investigation on Jane Street is critical and ongoing.
The Securities Appellate Tribunal (SAT) of India has intervened in the ongoing legal skirmish between Jane Street and the Securities and Exchange Board of India (SEBI), demanding the latter's justification for withholding additional documents in the case. The tribunal has given a three-week deadline for SEBI to respond.
As per the tribunal's instructions, SEBI must pause any personal hearings with Jane Street until the case reconvenes on November 18, consequently delaying the regulator's confirmatory order. This delay stems from procedures that necessitate a hearing before an order is issued.
Jane Street's appeal, filed last week, argued for the release of documents deemed essential for challenging allegations of market manipulation. However, SEBI maintains that its investigation, which is at a pivotal stage, permits only the release of documents pertinent to existing orders.
(With inputs from agencies.)
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