Jane Street Seeks More Time to Counter Sebi's Claims

In a recent development, Jane Street, a prominent US trading firm, has formally requested the Securities and Exchange Board of India (Sebi) for additional time to address allegations of market manipulation within the derivatives sector. The firm emphasizes its commitment to maintaining the integrity of India's capital markets.

The Background of the Controversy

Sebi's interim order in early July accused Jane Street of manipulating stock indices through significant derivative positions, notably in Bank Nifty, demanding a repayment of Rs 4,844 crore in alleged illicit gains. Jane Street complied by transferring the amount to an escrow account, leading to the lifting of trading restrictions.

Jane Street's Stance

"We are engaging constructively with Sebi," Jane Street stated, highlighting its request for document access to counter the allegations. The firm expressed distress over the damage to its reputation, calling the Sebi report "based on so many erroneous and unsupported assertions."