The Securities Appellate Tribunal has admitted the appeal filed by US-based market maker Jane Street against the Securities and Exchange Board of India’s interim order and directed SEBI to respond within three weeks. The tribunal’s decision comes as part of Jane Street’s ongoing legal challenge questioning SEBI’s investigation process in a case that has already seen the company deposit a record ₹4,843 crore. The next hearing is scheduled for November eighteenth, giving both parties time to prepare their submissions.
SEBI’s counsel Gaurav Joshi explained in the proceedings that the regulator has already supplied Jane Street with ten gigabytes of data. He noted that the investigation is ongoing and may encompass a significantly larger scope than what was outlined in the interim order. The regulator has also argued that Jane Street is requesting an extensive list of documents, many of which are not directly relied upon by SEBI in reaching its regulatory action. SEBI emphasized that it is not obligated to provide every document outside of those it has officially referenced.
Jane Street, through its counsel Darius Khambata, countered that if SEBI can share reports prepared by the National Stock Exchange, which are not SEBI’s own documents, then there is no reason why SEBI cannot share documents it has relied on to reach its interim order. The market maker is also seeking explanations for the formation of a new investigation team after an earlier team had given it a clean chit. Jane Street has questioned why SEBI disregarded its previous reports and has requested access to the original complaint from a Dubai-based fund manager.
During the proceedings, SEBI maintained that it has only shared documents relevant to the case and is in the process of passing a confirmatory order. Jane Street will have the opportunity to file a rejoinder within three weeks after SEBI’s response, and the next hearing will be presided over by Justice P.S. Dinesh Kumar on November eighteenth.
Legal experts note that Jane Street’s focus will be on procedural fairness and access to relevant documents, which they argue are central to ensuring transparency in regulatory proceedings. SEBI, on the other hand, has emphasized the critical nature of the ongoing investigation and the need to limit document disclosure to what is necessary for the case. The case highlights the tension between market participants and regulators in high-value enforcement actions, especially involving international players.
The legal teams involved are extensive. Jane Street has been represented by Khaitan and Finsec Law Advisors in an advisory capacity. SEBI’s counsel includes Vidhii Partners along with advisory support from K Ashar & Co, The Law Point, Mansukhlal Hiralal & Co, and Agama Law Associates.
This case remains a landmark for regulatory enforcement in India and could set precedents regarding document disclosure, procedural fairness, and the treatment of foreign investors by Indian authorities. The outcome will be closely watched by both domestic and international market participants for its implications on compliance and dispute resolution.
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