Former Securities and Exchange Board of India chairperson Madhabi Puri Buch called the claims of regulatory failure in the case involving Jane Street as "false". The market watchdog has been been actively investigating the matter, which has resulted in the crackdown against the US-based trading firm, she said.
SEBI barred Jane Street from participating in any kind of market activity in Indian financial markets after charging it with market manipulation. The regulator has also directed impounding Rs 4,844 crore from Jane Street, which the group has decided to contest in Securities Appellate Tribunal. Jane Street has denied the allegations in the case.
Buch also criticised sections of the media for ignoring facts and spreading a misleading narrative. SEBI's order is speaking for itself and showing a sustained regulatory case, she said.
"The order passed by SEBI speaks for itself. Right from April 2024, SEBI was seized of the matter relating to the Jane Street Group and took numerous steps to examine and investigate the extremely complex structures and strategies deployed by them and to verify and analyse the data," Buch said in a press statement.
In parallel, SEBI made various policy level interventions in October 2024 and also instructed NSE to issue a cease and desist letter to Jane Street in February 2025, she added.
Jane Street case is the first instance where the Indian regulator has taken such large action against any foreign institution. It has also raised questions...
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