Jane Street presses SAT for NSE, Sebi documents, cites earlier surveillance reports

US-based trading firm Jane Street has reiterated before the Securities Appellate Tribunal (SAT) its request for access to the original complaint, initial correspondence between the Securities and Exchange Board of India (Sebi) and the National Stock Exchange (NSE), and other documents linked to earlier investigations into its trading activity.

The firm has argued that surveillance reports prepared by the NSE and SEBI’s own Integrated Surveillance Department (ISD) did not find evidence to establish market manipulation by Jane Street.

Jane Street told the tribunal that an NSE surveillance report prepared in November 2024 and an ISD report from December 2024 examined trading activity during periods that substantially overlapped with the transactions cited in SEBI’s subsequent action against the firm. The NSE and ISD reports covered the period from January 1, 2023 to April 30, 2024, while SEBI’s July 2025 interim order covered a longer period extending until March 31, 2025.

Jane Street challenges Sebi’s document refusal

The US-based trading firm is seeking the material as part of its proceedings before SAT, where it is challenging aspects of SEBI’s action and the regulator’s refusal to provide additional documents.

The regulator is understood to have rejected Jane Street’s request for the additional material. The firm has now reiterated its demand before the tribunal, arguing that the documents are relevant to its case and could provide context on how the regulator and exchange assessed its trading activity before the July 2025 order.

SEBI’s interim order had alleged that Jane Street and related entities manipulated the Bank Nifty index through coordinated trading in the cash and derivatives segments. Jane Street has denied wrongdoing and maintained that its trading strategies constituted legitimate market activity.

Next SAT hearing on October 5

The dispute over access to the underlying material comes as the regulatory battle between Jane Street and Sebi continues before SAT.

The tribunal is scheduled to hear the matter next on October 5. The documents sought by Jane Street include the original complaint and early communications between Sebi and NSE, apart from material connected with the earlier surveillance exercise.

Jane Street’s contention that the earlier surveillance reports did not establish manipulation is likely to remain a key part of its argument as the proceedings move forward.