India’s capital markets regulatory Securities and Exchange Board of India (SEBI) needs to take stringent action against violators like Jane Street Group for it to serve as a deterrent, whistleblower Mayank Bansal, President of UAE-based hedge-fund said in an interview with CNBC Awaaz.
| Company | Value | Change | %Change |
|---|---|---|---|
| Vibhor Steel Tubes | 187.09 | 31.18 | 20.00 |
| Jaiprakash Power Ventures | 22.65 | 3.70 | 19.53 |
| Sharda Motor Industries | 1216.70 | 164.00 | 15.58 |
| KRN Heat Exchanger and Refrigeration | 933.40 | 116.70 | 14.29 |
| J G Chemicals | 519.00 | 59.60 | 12.97 |
On July 3, SEBI interim order barred Jane Street and related entities from accessing the securities market. The four entities of Jane Street made a combined profit of over 36,500 crore. The profits were analysed starting January 1, 2023, until March 31, 2025, according to the order.
The indications of market manipulations were spotted early on, and one of the first instances of Jane Street earning significant profits was in 2023, Bansal said.
Jane Street’s conduct involved maintaining options expiry in a ‘strict range’ and this had a noticeable impact on the NSE’s Nifty50 index. The fraudulent conduct which began in July 2023, started with mid-caps and this continued until April 2024.
It was only in April 2024 that the scale of Jane Street’s market manipulation intensified and continued to rise there onward, Bansal said. An official complaint regarding the conduct was sent to SEBI via email in May and the regulator promptly took...
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