The Securities Appellate Tribunal (SAT) has postponed the hearing in the case involving US-based trading firm Jane Street and India’s market regulator, the Securities and Exchange Board of India (Sebi), according to a media report on Wednesday.
The case goes back to July 2025, when Sebi accused Jane Street Group of manipulating the Indian stock market. The regulator alleged that the firm had influenced the Bank Nifty index to earn illegal profits.
According to Sebi, between January 2023 and March 2025, Jane Street used high-frequency trading strategies to artificially move index prices. High-frequency trading involves using powerful computers and algorithms to carry out large numbers of trades at very high speed.
Sebi claimed that the firm followed a two-step strategy. One entity of the company allegedly bought large amounts of bank stocks, which pushed up the Bank Nifty index. At the same time, another arm of the firm placed bets in the derivatives market that would benefit from the rise in the index. Sebi said this coordinated action allowed the firm to make unlawful gains.
As part of its action, Sebi ordered Jane Street to deposit Rs 4,843.57 crore, which it described as illegal profits earned through the alleged manipulation. The regulator also temporarily banned the firm from trading in Indian markets. The trading ban was later lifted after Jane Street deposited Rs 4,843.5 crore as directed.
In September 2025, Jane Street approached the Securities Appellate Tribunal to challenge Sebi’s order. In its appeal, the firm argued that Sebi had not provided enough information or access to important documents needed for its defence. Jane Street also claimed that a recent internal inspection by a Sebi department had found no evidence of market manipulation.
The case is being closely watched by market participants, as it raises important questions about high-frequency trading practices, regulatory oversight, and fairness in financial markets. Further hearings are expected in the coming weeks.