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SEBI vs Jane Street: SAT gives SEBI three weeks to respond to Jane Street claims

The Securities Appellate Tribunal has asked SEBI to respond to an application filed by Jane Street Group LLC.
The Securities and Exchange Board of India has three weeks to reply to Jane Street's claims that documents crucial to its defence had been withheld.
The SAT, led by Justice P.S. Dinesh Kumar, said it will hear Jane Street's appeal in the case on 18 November. A lawyer representing India's market regulator told the court that the Wall Street firm will be allowed to respond to its 3 July order after the next hearing at the court.
SEBI in its interim order accused Jane Street of manipulating an index of bank stocks to benefits its option wagers. The regulator was due to hear the trading giant's defence on 15 September.
On 3 September, Jane Street filed a case against SEBI, which had accused the US high-frequency trader of market manipulation. The was filed in the SAT.
The SEBI is not providing documents and data that Jane Street believes are pertinent to rebut the allegations of market manipulation, according to the case filing. The appeal requests SAT to instruct SEBI to provide Jane Street with the missing materials.
“These documents are undeniably relevant,” the firm said in the court filing.
On 4 July, SEBI temporarily barred Jane Street from India's stock market on allegations that it manipulated India's key indexes, in one of the strongest actions it has taken against a foreign investor. The firm was asked to respond to the allegations within 21 days of the order, but the deadline has passed.
With inputs from agencies.
Source: HindustanTimes
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