Sebi Opposes Jane Street’s Demand for More Trading Data in Appeal Against Market Ban

India’s markets regulator is set to tell a court this week that it sees no reason to hand additional trading data and documents to US trading firm Jane Street after the firm appealed against a temporary trading ban, Reuters reported.

The Securities and Exchange Board of India (Sebi) reportedly plans to tell the Securities Appellate Tribunal that Jane Street’s request for more information is a delaying tactic and that releasing the material could jeopardise an ongoing investigation. Sebi’s formal response has not yet been published.

How the Dispute Began?

Sebi temporarily barred Jane Street in July, alleging the firm used coordinated strategies in cash and futures markets to influence a key banking-stock index and cause losses to retail investors. Jane Street has denied the allegations, later regained market access after depositing a penalty, and filed an appeal in September seeking additional data and documents as part of its challenge.

In its appeal, Jane Street asked the tribunal for expanded disclosure of trading records and related documents it says are necessary to contest Sebi’s order. Sebi’s position, according to sources, is that providing those materials could reveal confidential investigative leads or methods and therefore undermine the integrity of the probe.

Scope of Sebi’s Investigation

Reuters reported that Sebi has been reviewing detailed trading records for Jane Street across India’s major benchmark indexes covering January 2023 through May 2025. Investigators are reportedly looking for patterns similar to those cited in the July order, specifically, large, matched positions taken in index constituents across cash and futures markets.

The tribunal hearing this week will be watched closely by market participants. A ruling for broader disclosure could give Jane Street more ammunition in its appeal, while a ruling for Sebi would preserve investigative confidentiality and potentially keep parts of the record sealed. Neither Sebi nor Jane Street has publicly commented on the regulator’s yet-to-be-filed response.