Former Sebi Chief Stands Firm Against Criticism

Madhabi Puri Buch, the former chief of the Securities and Exchange Board of India (Sebi), has vehemently denied allegations of regulatory failure in the Jane Street market manipulation case. Buch emphasized that Sebi had taken swift action against the US-based algo trading giant, forming a dedicated team in April 2024 to investigate its activities.

Jane Street's Defense and Sebi's Counter

Jane Street has contested Sebi's allegations, claiming the regulator's order contains "many erroneous or unsupported assertions" about its trading activities in India. The firm asserts its operations benefit the financial markets' health and vows to defend itself against the accusations.

Regulatory Actions and Outcomes

Sebi's investigation led to a ban on Jane Street and its three arms from the Indian market in July 2025, along with an order to disgorge nearly Rs 4,850 crore in alleged ill-gotten profits. Buch highlighted Sebi's proactive measures, including a cease & desist instruction, to address the complex strategies employed by Jane Street.