Jane Street Challenges SEBI Allegations in Trading Probe
· Business · Economic Times
Jane Street has formally questioned the Securities and Exchange Board of India's characterization of its trading conduct during an ongoing investigation into alleged market manipulation. Representing the firm before the Securities Appellate Tribunal in Mumbai, counsel Darius Khambata argued that the regulator's focus on large trade volumes is misplaced and does not constitute evidence of manipulation. The firm has already deposited the funds requested by the regulator and has ceased all trading activities within India. Khambata stated that Jane Street submitted a detailed 12-page explanation of its trading strategy to the regulator and the National Stock Exchange on August 30, 2024. The firm is now seeking a swift resolution to the case to protect its reputation.
Why it matters
The case highlights the regulatory scrutiny faced by foreign institutional investors regarding trading strategies and volume-based market activities in India. The outcome could set a precedent for how the regulator handles similar investigations into algorithmic and high-frequency trading firms.
Read the original report — Economic Times
Join us on Telegram
Breaking news the moment it lands. At 10,000 members we ship the Android app.